CPG.L rockets 1.76% closing £28.00 higher


Compass Group PLC (CPG.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CPG.L rallies 1.76% closing £28.00 higher
CPG.L pushes through key resistance level
CPG.L dominated by bulls lifting the market higher throughout the day
CPG.L pushes through 20-day moving average
CPG.L closes higher for the 5th day in a row
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 5th day in a row, CPG.L finished Thursday at 1615.00 surging £28.00 (1.76%). This is the biggest single day gain in over a month. Today's closing price of 1615.00 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1601.50, Compass Grp. confirms its breakout through the previous session's high having traded £23.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CPG.L
Volatility

Thursday's trading range was £50.00 (3.17%), that's far above last trading month's daily average range of £26.02. Weekly volatility is also higher, being above the markets average with the monthly volatility being way below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.

Support/Resistance

Breaking through the key resistance level at 1598.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1626.50.

Trend

While the market 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 20-day moving average at 1599.08 today for the first time since May 14th.

Order Flow

Buying could speed up should prices move above the nearby swing high at 1629.00 where further buy stops might get triggered. With prices trading close to this year's high at 1635.50, upside momentum could accelerate should the stock be able to break out to new highs for the year.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Compass Group PLC
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CPG.L finds buyers at key support level

Jun 19, 2018
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