CPG.L pushes through key resistance level
Compass Group PLC (CPG.L) Technical Analysis Report for May 17, 2018
CPG.L ended Thursday at 1573.00 gaining £21.50 (1.39%) on low volume. Today's closing price of 1573.00 marks the highest close since May 8th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1557.00, the share confirms its breakout through the previous session's high having traded £16.00 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was £28.00 (1.81%), that's slightly above last trading month's daily average range of £26.30. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Regardless of a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 1555.00 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 1585.50.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 200-day moving average at 1559.28 today for the first time since May 8th.
With prices trading close to this year's high at 1605.00, upside momentum might speed up should Compass Grp. be able to break out to new highs for the year. As prices are trading close to May's high at 1598.00, upside momentum could accelerate should CPG.L mark new highs for the month.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
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