AOS closes higher for the 7th day in a row
A.O. Smith Corporation (AOS) Technical Analysis Report for Apr 18, 2019 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, AOS finished Thursday at 56.49 gaining $0.49 (0.87%), outperforming the S&P 500 (0.16%) ahead of tomorrow's Good Friday market holiday. Today's close at 56.49 marks the highest recorded closing price since September 24, 2018. Closing above Wednesday's high at 56.37, the market confirmed its breakout through the previous session high after trading up to $0.29 above it intraday.
Daily Candlestick Chart (AOS as at Apr 18, 2019):
Thursday's trading range has been $0.73 (1.3%), that's slightly above the last trading month's daily average range of $0.72. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AOS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on April 12th, AOS gained 0.14% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for A. O. Smith. Out of 565 times, AOS closed higher 51.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.88% with an average market move of 0.85%.