DCC.L closes within previous day's range after lackluster session


DCC plc (DCC.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
DCC.L breaks below 20-day moving average
DCC.L finds support at 50-day moving average
DCC.L runs into sellers again around 7070.00
DCC.L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 44% Bearish
Technical Forecast:
Overview

DCC.L finished the week 1.89% higher at 7010.00 after losing £50.00 (-0.71%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for DCC.L
Volatility

Friday's trading range was £75.00 (1.06%), that's below last trading month's daily average range of £121.50. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving higher in the prior session, the stock closed lower but above the previous day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 6975.00. Prices are trading close to the key resistance level at 7075.00. After having been unable to move above 7075.00 in the prior session, DCC plc ran into sellers again around the same price level today, failing to move higher than 7070.00. After trading as low as 6995.00 during the day, the share found support at the 50-day moving average at 7006.70.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already. The market broke below the 20-day moving average at 7037.25 today for the first time since August 1st.

Order Flow

Buying might speed up should prices move above the nearby swing high at 7075.00 where further buy stops could get activated.

Conclusion

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

Market Conditions for DCC plc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
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