KO climbs to highest close since May 4th
The Coca Cola Company (KO) Technical Analysis Report for May 17, 2018
KO finished Thursday at 42.30 surging $0.75 (1.81%). This is the biggest single day gain in over a month. Today's closing price of 42.30 marks the highest close since May 4th. Closing above Wednesday's high at 41.94, the share confirms its breakout through the prior session's high having traded $0.41 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (KO as at May 17, 2018):
Thursday's trading range was $0.48 (1.14%), that's below last trading month's daily average range of $0.65. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 42.50.
Though the stock 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.
Buying might accelerate should prices move above the nearby swing high at 42.47 where further buy stops could get triggered. As prices are trading close to May's high at 42.99, upside momentum might speed up should Coca Cola mark new highs for the month.