APD finds buyers at key support level
Air Products and Chemicals Inc. (APD) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
APD ended Monday at 165.43 gaining $2.46 (1.51%). Today's closing price of 165.43 marks the highest close since March 19th. Trading up to $0.69 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 164.67, the market confirms its breakout through the prior session's high having traded $0.93 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (APD as at Apr 16, 2018):
Monday's trading range was $1.74 (1.06%), that's far below last trading month's daily average range of $3.20. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 163.86 during the day, the share bounced off the key support level at 164.38. The failure to close below the support could increase that levels importance as support going forward.
APD shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.