AN pushes through 50-day moving average


AutoNation Inc (AN) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
AN pushes through key resistance level
AN pushes through 50-day moving average
AN closes higher for the 2nd day in a row
AN pushes through previous session high
AN rises to highest close since April 5th
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

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 chart for AN
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

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.

Conclusion

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

Market Conditions for AutoNation Inc
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close near low of period TQ Pro Members Only
Homing Pigeon TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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