COF dominated by bulls lifting the market higher throughout the day
Capital One Financial (COF) Technical Analysis Report for Sep 14, 2018
COF ended the week -0.39% lower at 97.99 after gaining $0.99 (1.02%) today on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Friday's trading range was $1.02 (1.05%), that's slightly below last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 97.21 during the day, the market bounced off the key support level at 97.24. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 98.20 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 98.23.
Though Capital One is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The share managed to break above the 50-day moving average at 97.51 today for the first time since August 2nd.
Selling could accelerate should prices move below the close-by swing low at 96.93 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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