AN stuck within tight trading range

AutoNation Inc (AN) Technical Analysis Report for Apr 16, 2018

Highlights

AN closes above its opening price after recovering from early selling pressure
AN finds buyers at key support level
AN fails to close above 20-day moving average
AN finds buyers again around 45.98
AN stuck within tight trading range

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

AN ended Monday at 46.89 gaining $0.77 (1.67%) on low volume. 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 previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AN

Volatility

Monday's trading range was $1.23 (2.65%), that's slightly below last trading month's daily average range of $1.38. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 45.83 and 47.21 which it has been in now for the last three days.

Support/Resistance

After trading as low as 45.98 during the day, the stock bounced off the key support level at 46.05. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 45.83 in the previous session, the share found buyers again around the same price level today at 45.98. After spiking up to 47.21 during the day, AN found resistance at the 20-day moving average at 46.91.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 47.79 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 45.83 where further sell stops could get activated. With prices trading close to this year's low at 44.81, downside momentum might accelerate should the stock break out to new lows for the year. As prices are trading close to April's high at 48.05, upside momentum could speed up should the share mark new highs for the month.

Conclusion

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

Market Conditions for AutoNation Inc

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