ETN dominated by bulls lifting the market higher throughout the day

Eaton Corporation (ETN) Technical Analysis Report for Jul 13, 2018

Highlights

ETN pushes through key resistance level
ETN dominated by bulls lifting the market higher throughout the day
ETN pushes through 50-day moving average
ETN finds support at 20-day moving average
ETN closes higher for the 2nd day in a row

TQ Sentiment

Report Sentiment: 60% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, ETN ended the week 2.29% higher at 77.76 after gaining $0.89 (1.16%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 77.73, Eaton Corporation confirms its breakout through the prior session's high having traded $0.07 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ETN

Volatility

Friday's trading range was $1.26 (1.64%), that's slightly above last trading month's daily average range of $1.26. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Support/Resistance

Breaking through the key resistance level at 77.53 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 78.76. After having been unable to move above 77.73 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 77.80. After trading as low as 76.54 during the day, the share found support at the 20-day moving average at 76.61.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market managed to break above the 50-day moving average at 77.33 today for the first time since July 9th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 78.66 where further buy stops might get triggered.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Eaton Corporation

Loading Market Conditions for $ETN (Eaton Corporation)...
Latest Report:

ETN finds buyers at key support level

Sep 21, 2018
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Eaton Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers

Related Stocks

AAL 10 day candlestick chart for AAL 43.60 1.71 (4.08%)
AAXN 10 day candlestick chart for AAXN 64.79 -0.67 (-1.02%)
ACM 10 day candlestick chart for ACM 33.03 0.02 (0.06%)
ADP 10 day candlestick chart for ADP 150.68 1.80 (1.21%)
ADT 10 day candlestick chart for ADT 9.37 0.45 (5.04%)
AGCO 10 day candlestick chart for AGCO 60.24 -0.89 (-1.46%)
AIT 10 day candlestick chart for AIT 81.15 0.10 (0.12%)
AL 10 day candlestick chart for AL 46.15 0.30 (0.65%)
ALK 10 day candlestick chart for ALK 70.08 0.33 (0.47%)
ALLE 10 day candlestick chart for ALLE 90.07 -0.84 (-0.92%)
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!