CRDA.L finds buyers at key support level

Croda International (CRDA.L) Technical Analysis Report for Sep 14, 2018

Highlights

CRDA.L closes above its opening price after recovering from early selling pressure
CRDA.L finds buyers at key support level
CRDA.L pushes through 20-day moving average
CRDA.L finds support at 50-day moving average
CRDA.L ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 63% Bullish
Technical Forecast:

Overview

CRDA.L finished the week 2.47% higher at 5146.00 after gaining £42.00 (0.82%) today. Today's closing price of 5146.00 marks the highest close since September 3rd. Trading up to £54.00 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 5138.00, the stock confirms its breakout through the previous session's high having traded £8.00 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 CRDA.L

Volatility

Friday's trading range was £86.00 (1.68%), that's slightly above last trading month's daily average range of £72.65. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above 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

After trading as low as 5060.00 during the day, the share bounced off the key support level at 5110.00. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 5178.00. After having been unable to move above 5138.00 in the prior session, Croda International ran into sellers again around the same price level today, failing to move higher than 5146.00. After trading as low as 5060.00 during the day, CRDA.L found support at the 50-day moving average at 5081.32.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 5115.00 today for the first time since August 28th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 5170.00 where further buy stops might get activated. With prices trading close to this year's high at 5290.00, upside momentum could speed up should the stock be able to break out to new highs for the year. As prices are trading close to September's high at 5188.00, upside momentum might accelerate should the share mark new highs for the month.

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 bullish sentiment.

Market Conditions for Croda International

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