ARNC ends the day on a bullish note closing near the high of the day
ARNC ended the week -1.98% lower at 20.81 after gaining $0.04 (0.19%) today. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $0.40 (1.94%), that's slightly below last trading month's daily average range of $0.49. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
Despite a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Buying might speed up should prices move above the nearby swing high at 21.20 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Arconic Inc
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Bounced off Technical Resistance R1||TQ Pro Members Only|
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