DCC.L still stuck within tight trading range


DCC plc (DCC.L) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
DCC.L dominated by bulls lifting the market higher throughout the day
DCC.L finds support at 200-day moving average
DCC.L ends the day on a bullish note closing near the high of the day
DCC.L still stuck within tight trading range
DCC.L closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

DCC.L finished Thursday at 7250.00 gaining £80.00 (1.12%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 DCC.L
Volatility

Thursday's trading range was £170.00 (2.38%), that's far above last trading month's daily average range of £120.50. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 7105.00 and 7315.00 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 7105.00 during the day, DCC plc found support at the 200-day moving average at 7116.32.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 7315.00 where further buy 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 DCC plc
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Takuri Line TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
More market conditions identified for TQ Pro members...
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