AOS runs into sellers again around 59.74
A.O. Smith Corporation (AOS) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, AOS finished the week 1.47% higher at 59.36 after gaining $0.29 (0.49%) today. Today's closing price of 59.36 marks the highest close since July 31st. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AOS as at Sep 14, 2018):
Friday's trading range was $0.66 (1.12%), that's slightly below last trading month's daily average range of $0.70. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 59.23 today, it is now likely to act as support going forward. After having been unable to move above 59.63 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 59.74.
While the stock 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.