COF rises to highest close since April 24th
Capital One Financial Corporation (COF) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, COF ended Thursday at 96.74 gaining $0.99 (1.03%). Today's closing price of 96.74 marks the highest close since April 24th. Trading up to $0.78 lower after the open, Capital One managed to reverse during the session as bulls took control ending the day above its opening price.
Daily Candlestick Chart (COF as at May 17, 2018):
Thursday's trading range was $2.04 (2.13%), that's slightly below last trading month's daily average range of $2.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 96.69 today, it is now likely to act as support going forward.
Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Further buying could move prices higher should the market test April's close-by high at 99.15.