PPG closes above its opening price after recovering from early selling pressure
PPG Industries Inc. (PPG) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PPG finished the week 0.96% higher at 103.99 after edging higher $0.15 (0.14%) today. Trading up to $0.51 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 prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PPG as at Jul 13, 2018):
Friday's trading range was $1.24 (1.2%), that's slightly below last trading month's daily average range of $1.49. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 102.90 and 104.87 which it has been in now for the last trading week.
Prices are trading close to a key support level at 103.83. Prices are trading close to the key resistance level at 104.87.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The share managed to break above the 50-day moving average at 103.90 today for the first time since July 10th.
Buying could speed up should prices move above the close-by swing high at 104.87 where further buy stops might get activated.