CNA.L unable to break through key resistance level

Centrica plc (CNA.L) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


CNA.L dominated by bulls lifting the market higher throughout the day
CNA.L pushes through 50-day moving average
CNA.L unable to break through key resistance level
CNA.L finds buyers again around 140.75
CNA.L closes within previous day's range


CNA.L finished Thursday at 143.90 gaining £3.00 (2.13%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (CNA.L as at May 17, 2018):

Daily technical analysis candlestick chart for Centrica plc (CNA.L) as at May 17, 2018

Thursday's trading range was £4.35 (3.09%), that's far above last trading month's daily average range of £3.01. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, Centrica managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Prices are trading close to a key support level at 140.20. Unable to break through the key technical resistance level at 144.95, the market closed below it after spiking as high as 145.10 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 140.20 in the previous session, the share found buyers again around the same price level today at 140.75.

While the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. CNA.L managed to break above the 50-day moving average at 143.57 today for the first time since March 27th.

Market Conditions for CNA.L as at May 17, 2018

Loading Market Conditions for CNA.L (Centrica plc)...
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