MKC closes within prior day's range


McCormick & Co. (MKC) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
MKC closes above its opening price after recovering from early selling pressure
MKC finds buyers at key support level
MKC closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

MKC finished the week -0.43% lower at 121.00 after edging higher $0.18 (0.15%) today on low volume. 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 within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for MKC
Volatility

Friday's trading range was $1.80 (1.5%), that's slightly above last trading month's daily average range of $1.63. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Support/Resistance

After trading as low as 119.64 during the day, the stock bounced off the key support level at 120.23. The failure to close below the support could increase that levels importance as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 122.58 where further buy stops could get activated.

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 McCormick & Co.
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Gap Up TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
52 Week High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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