COTY pushes through key resistance level
COTY ended Thursday at 14.26 gaining $0.26 (1.86%). Today's closing price of 14.26 marks the highest close since May 16th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $0.37 (2.64%), that's slightly above last trading month's daily average range of $0.36. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 13.93 and 14.37 which it has been in now for the last three days.
Breaking through the key resistance level at 14.09 today, it is now likely to act as support going forward. After having been unable to move lower than 13.93 in the previous session, the stock found buyers again around the same price level today at 13.93.
Though 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.
Buying could accelerate should prices move above the nearby swing high at 14.37 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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