MKC closes within prior day's range
McCormick & Co. (MKC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (MKC as at Aug 10, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 122.58 where further buy stops could get activated.