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AOS unable to break through key resistance level


Technical Analysis Report for AOS - Apr 16, 2018 [1 min read]
Highlights
AOS closes above its opening price after recovering from early selling pressure
AOS pushes through 50-day moving average
AOS unable to break through key resistance level
AOS finds support at 50-day moving average
AOS pushes through previous session high
TQ Sentiment
Technical Forecast:
Overview

AOS finished Monday at 64.74 gaining $0.95 (1.49%) on high volume. Today's closing price of 64.74 marks the highest close since April 5th. Trading up to $0.47 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 64.52, A. O. Smith confirms its breakout through the prior session's high having traded $0.51 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AOS
Volatility

Monday's trading range was $1.03 (1.6%), that's below last trading month's daily average range of $1.47. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 63.46 and 65.04 which it has been in now for the last trading week.

Support/Resistance

Unable to break through the key technical resistance level at 64.89, the share closed below it after spiking as high as 65.03 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 64.00 during the day, the stock found support at the 50-day moving average at 64.02.

Trend

AOS shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 50-day moving average at 64.02 today for the first time since April 10th.

Order Flow

Selling might speed up should prices move below the nearby swing low at 63.48 where further sell stops could get triggered. Further buying might move prices higher should the market test March's close-by high at 66.85.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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