CRON rallies, gaining $2.27 (21.72%) within a single day on high volume
Cronos Group Inc. (CRON) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
CRON ended the week 39.02% higher at 12.72 after surging $2.27 (21.72%) today on high volume, strongly outperforming the S&P 500 (-2.33%) following today's NFP report. This is the biggest single-day gain ever recorded for the share. The last time we've seen such an unusually strong single-day gain on Monday, CRON gained 5.60% on the following trading day. Today's close at 12.72 marks the highest recorded closing price since September 20th.
Daily Candlestick Chart (CRON as at Dec 07, 2018):
Friday's trading range has been $1.44 (10.61%), that's above the last trading month's daily average range of $0.87. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for CRON.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 11.89 (S1). Prices are trading close to the key technical resistance level at 13.00 (R1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 9.04.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Cronos Group. Out of 13 times, CRON closed lower 61.54% of the time on the next trading day after the market condition occurred.