ANDV finds buyers around 149.34 for the third day in a row
Andeavor (ANDV) Technical Analysis Report for Aug 10, 2018
ANDV ended the week 2.07% higher at 150.23 after gaining $0.31 (0.21%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ANDV as at Aug 10, 2018):
Friday's trading range was $1.37 (0.92%), that's below last trading month's daily average range of $2.57. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 149.30 and 152.20 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 151.89. The market found buyers again today around 149.34 for the third trading day in a row after having found demand at 149.59 in the previous session and at 149.30 two days ago.
Though the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Buying could accelerate should prices move above the nearby swing high at 152.20 where further buy stops might get activated. With prices trading close to this year's high at 152.97, upside momentum could speed up should Andeavor be able to break out to new highs for the year.