KHC unable to break through key resistance level
Kraft Heinz Co (KHC) Technical Analysis Report for Jul 13, 2018
KHC ended the week -0.9% lower at 63.85 after gaining $0.21 (0.33%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.09 (1.71%), that's slightly below last trading month's daily average range of $1.17. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 63.29 and 64.75 which it has been in now for the last trading week.
Prices are trading close to a key support level at 63.34. Unable to break through the key technical resistance level at 64.54, Kraft Heinz closed below it after spiking as high as 64.59 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 64.75 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 63.29 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.