KO closes within previous day's range after lackluster session
Moving higher for the 3rd day in a row, KO finished Monday at 44.68 gaining $0.17 (0.38%) on low volume. Today's closing price of 44.68 marks the highest close since February 2nd. Trading up to $0.25 lower after the open, Coca Cola managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.49 (1.1%), that's below last trading month's daily average range of $0.66. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 44.40 during the day, the share bounced off the key support level at 44.61. The failure to close below the support might increase that levels importance as support going forward. After spiking up to 44.89 during the day, the stock found resistance at the 200-day moving average at 44.73.
While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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