DCC.L still stuck within tight trading range
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.
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.
After trading as low as 7105.00 during the day, DCC plc found support at the 200-day moving average at 7116.32.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 7315.00 where further buy stops could get triggered.
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
|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|
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