AOS unable to break through key resistance level

A.O. Smith Corp (AOS) Technical Analysis Report for Apr 16, 2018

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

Report Sentiment: 44% Bullish
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.

Market Conditions for A.O. Smith Corp

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Latest Report:

AOS finds buyers at key support level

Sep 18, 2018
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