CTRP finds buyers around 44.80 for the third day in a row

Ctrip.com International Ltd. (CTRP) Technical Analysis Report for Jul 13, 2018

Highlights

CTRP finds buyers around 44.80 for the third day in a row
CTRP closes below its opening price unable to hold early session gains
CTRP stuck within tight trading range
CTRP falls to lowest close since May 22nd
CTRP closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment:
22% Bullish
Technical Forecast:

Overview

CTRP finished the week -1.42% lower at 45.00 after losing $0.42 (-0.92%) today on low volume. Today's closing price of 45.00 marks the lowest close since May 22nd. Trading $0.29 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for CTRP

Volatility

Friday's trading range was $0.86 (1.9%), that's far below last trading month's daily average range of $1.27. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 44.72 and 45.96 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 44.75. The share found buyers again today around 44.80 for the third trading day in a row after having found demand at 44.73 in the previous session and at 44.72 two days ago.

Trend

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Buying might speed up should prices move above the nearby swing high at 45.96 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 44.72 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Ctrip.com International Ltd.

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