AWI closes within previous day's range after lackluster session
Armstrong World Industries Inc (AWI) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
AWI finished the month -8.62% lower at 71.24 after losing $0.47 (-0.66%) today, strongly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AWI as at Jul 31, 2020):
Friday's trading range has been $1.13 (1.58%), that's far below the last trading month's daily average range of $2.21. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AWI.
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. Additionally, one bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on June 22nd, AWI actually lost -0.60% on the following trading day.
Prices are trading close to the key technical support level at 70.06 (S1). Prices are trading close to the key technical resistance level at 72.67 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.