ETN dominated by bulls lifting the market higher throughout the day


Eaton Corporation (ETN) Technical Analysis Report for Jul 13, 2018 [1 min read]
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
ConditionForecastDirectionWinAvgWorstBestEvents
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ETN breaks key support level

Jul 16, 2018
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