ALLE slumps, loses $1.52 (-1.7%) within a single day

Allegion (ALLE) Technical Analysis Report for Sep 14, 2018

Highlights

ALLE crashes, loses $1.52 (-1.7%) within a single day
ALLE dominated by bears dragging the market lower throughout the day
ALLE breaks below 20-day moving average
ALLE closes lower for the 2nd day in a row
ALLE ends the day on a bearish note closing near the low of the day

TQ Sentiment

Report Sentiment: 62% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, ALLE finished the week -1.0% lower at 87.82 after tanking $1.52 (-1.7%) today on high volume. This is the biggest single day loss in over two months. Today's closing price of 87.82 marks the lowest close since September 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 88.96, Allegion confirms its breakout through the prior session's low having traded $1.26 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ALLE

Volatility

Friday's trading range was $1.53 (1.72%), that's far above last trading month's daily average range of $1.19. 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

Prices are trading close to a key support level at 87.61.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock broke below the 20-day moving average at 87.98 today for the first time since June 21st.

Order Flow

As prices are trading close to September's low at 86.21, downside momentum could accelerate should the market mark new lows for the month.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Allegion

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Latest Report:

ALLE breaks below previous session low

Sep 21, 2018
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