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AOS closes higher for the 2nd day in a row


Technical Analysis Report for AOS - May 17, 2018 [1 min read]
Highlights
AOS closes higher for the 2nd day in a row
AOS finds buyers again around 62.94
AOS closes within previous day's range after lackluster session
AOS ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, AOS ended Thursday at 63.22 gaining $0.14 (0.22%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for AOS
Volatility

Thursday's trading range was $0.50 (0.79%), that's below last trading month's daily average range of $1.32. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Despite a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 63.63. After having been unable to move lower than 62.92 in the prior session, the market found buyers again around the same price level today at 62.94.

Trend

A. O. Smith shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the nearby swing high at 63.63 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 62.64 where further sell stops might get activated.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Low close to previous low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Engulfing Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

AOS pushes through key resistance level

May 18, 2018
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