AN pushes through 50-day moving average
AutoNation Inc. (AN) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AN ended Thursday at 47.61 gaining $0.70 (1.49%). Today's closing price of 47.61 marks the highest close since April 5th. Closing above Wednesday's high at 47.24, the market confirms its breakout through the previous session's high having traded $0.94 above it intraday.
Daily Candlestick Chart (AN as at May 17, 2018):
Thursday's trading range was $1.51 (3.22%), that's slightly above last trading month's daily average range of $1.40. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 47.11 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 48.30.
While AutoNation Inc 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. The stock managed to break above the 50-day moving average at 47.33 today for the first time since January 2nd.
Buying could accelerate should prices move above the close-by swing high at 48.30 where further buy stops might get triggered. Further buying could move prices higher should the market test April's nearby high at 48.39.