KO closes within previous day's range after lackluster session


The Coca Cola Company (KO) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
KO closes above its opening price after recovering from early selling pressure
KO finds buyers at key support level
KO fails to close above 200-day moving average
KO closes higher for the 3rd day in a row
KO rises to highest close since February 2nd
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

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.

Daily chart for KO
Volatility

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.

Support/Resistance

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.

Trend

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.

Conclusion

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 The Coca Cola Company
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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