CRH.L breaks below Thursday's low
CRH plc (CRH.L) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CRH.L finished the week -3.13% lower at 2258.00 after losing £18.00 (-0.79%) today, slightly underperforming the FTSE 100 (-0.5%). Closing below Thursday's low at 2264.00, CRH plc confirmed its breakout through the previous session low after trading up to £31.00 below it intraday.
Daily Candlestick Chart (CRH.L as at Nov 09, 2018):
Friday's trading range has been £45.00 (1.98%), that's far below the last trading month's daily average range of £64.76. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for CRH.L.
After trading as low as 2233.00 during the day, the share found support at the 20-day moving average at 2246.54. The last time this happened on August 24th, CRH.L actually lost -1.32% on the following trading day. Prices are trading close to the key technical resistance level at 2302.00 (R1).
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.