MKC finds buyers again around 104.22
McCormick & Co. (MKC) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
MKC ended Thursday at 105.86 gaining $1.14 (1.09%). Today's closing price of 105.86 marks the highest close since May 16th. Trading up to $0.66 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 105.78, the stock confirms its breakout through the previous session's high having traded $0.21 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 (MKC as at Jun 14, 2018):
Thursday's trading range was $1.77 (1.69%), that's slightly below last trading month's daily average range of $1.92. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
After trading as low as 104.22 during the day, the share bounced off the key support level at 104.24. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 106.97. After having been unable to move lower than 104.34 in the prior session, McCormick & found buyers again around the same price level today at 104.22. After trading as low as 104.22 during the day, MKC found support at the 50-day moving average at 104.43.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 100-day moving average at 105.26 today for the first time since June 11th.
Trading close to April's high at 108.93 we could see further upside momentum if potential buy stops at the level get triggered.