ARNC closes within prior day's range after lackluster session


Arconic Inc (ARNC) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ARNC closes above its opening price after recovering from early selling pressure
ARNC finds buyers at key support level
ARNC rises to highest close since March 21st
ARNC closes within previous day's range after lackluster session
ARNC ends the day indecisive
TQ Sentiment
Report Sentiment: 37% Bullish
Technical Forecast:
Overview

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.

Daily chart for ARNC
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Order Flow

Buying might speed up should prices move above the close-by swing high at 23.88 where further buy stops could get activated.

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 Arconic Inc
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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