ALLE closes within previous day's range after lackluster session

Allegion (ALLE) Technical Analysis Report for May 17, 2018

Highlights

ALLE finds buyers again around 76.64
ALLE closes within previous day's range after lackluster session
ALLE ends the day indecisive

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

ALLE ended Thursday at 76.87 losing $0.15 (-0.19%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ALLE

Volatility

Thursday's trading range was $0.68 (0.89%), that's far below last trading month's daily average range of $1.79. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 77.36. After having been unable to move lower than 76.50 in the prior session, the stock found buyers again around the same price level today at 76.64.

Trend

While the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 77.36 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 75.65 where further sell stops might get triggered. With prices trading close to this year's low at 73.85, downside momentum could accelerate should the market break out to new lows for the year.

Conclusion

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

Market Conditions for Allegion

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Latest Report:

ALLE breaks below previous session low

Sep 21, 2018
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