KDP closes within prior day's range after lackluster session
Keurig Dr Pepper Inc. (KDP) Technical Analysis Report for Jun 29, 2020 | by Techniquant Editorial Team
KDP finished Monday at 28.30 gaining $0.08 (0.28%), significantly underperforming the S&P 500 (1.47%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (KDP as at Jun 29, 2020):
Monday's trading range has been $0.56 (1.98%), that's below the last trading month's daily average range of $0.67. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KDP. Prices continued to consolidate within a tight trading range between 27.92 and 28.60 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on June 26th, KDP actually gained 0.28% on the following trading day.
Prices are trading close to the key technical resistance level at 28.59 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 27.64, downside momentum might accelerate should the stock mark new lows for the month.