CNC pushes through prior session high
Centene Corporation (CNC) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
CNC ended Thursday at 114.57 gaining $1.51 (1.34%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 113.54, the market confirms its breakout through the prior session's high having traded $1.56 above it intraday.
Daily Candlestick Chart (CNC as at May 17, 2018):
Thursday's trading range was $1.93 (1.7%), that's slightly below last trading month's daily average range of $2.61. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 115.77.
Although the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might speed up should prices move above the close-by swing high at 115.77 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 112.25 where further sell stops could get triggered. With prices trading close to this year's high at 117.86, upside momentum might speed up should Centene Corporation be able to break out to new highs for the year.