CRH.L runs into sellers again around 2856.00
CRH plc (CRH.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CRH.L as at Jun 14, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.