ARNC closes within prior day's range after lackluster session
Arconic Inc (ARNC) Technical Analysis Report for Apr 16, 2018
ARNC ended Monday at 23.56 gaining $0.33 (1.42%) on low volume. Today's closing price of 23.56 marks the highest close since March 21st. Trading up to $0.18 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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.
Monday's trading range was $0.38 (1.62%), that's far below last trading month's daily average range of $0.63. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.
After trading as low as 23.29 during the day, Arconic Inc bounced off the key support level at 23.29. The failure to close below the support might increase that levels importance as support going forward.
While the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might speed up should prices move above the close-by swing high at 23.88 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 bullish.
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