CRH.L runs into sellers again around 2856.00


CRH plc (CRH.L) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CRH.L pushes through key resistance level
CRH.L dominated by bulls lifting the market higher throughout the day
CRH.L finds support at 20-day moving average
CRH.L ends the day on a bullish note closing near the high of the day
CRH.L runs into sellers again around 2856.00
TQ Sentiment
Technical Forecast:
Overview

CRH.L finished Thursday at 2848.00 gaining £34.00 (1.21%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CRH.L
Volatility

Thursday's trading range was £73.00 (2.62%), that's far above last trading month's daily average range of £50.95. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly 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. Despite a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 2838.00 today, it is now likely to act as support going forward. After having been unable to move above 2853.00 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 2856.00. After trading as low as 2783.00 during the day, the stock found support at the 20-day moving average at 2786.20.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 2873.00 where further buy stops might get activated. 2,017's high at 2955.00 is within reach and we could see further upside momentum should CRH plc manage to break out past. As prices are trading close to June's low at 2768.00, downside momentum might speed up should CRH.L mark new lows for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for CRH plc
ConditionForecastDirectionWinAvgWorstBestEvents
Down Close Near Low of Period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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