ETN finds support at 200-day moving average


Eaton Corporation (ETN) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ETN pushes through 200-day moving average
ETN finds support at 200-day moving average
ETN runs into sellers again around 78.14
ETN still stuck within tight trading range
ETN closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

ETN ended Monday at 77.45 gaining $0.19 (0.25%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for ETN
Volatility

Monday's trading range was $0.89 (1.14%), that's below last trading month's daily average range of $1.62. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 76.62 and 78.45 which it has been in now for the last trading week.

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.

Support/Resistance

Prices are trading close to a key support level at 76.62. After having been unable to move above 78.34 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 78.14. After trading as low as 77.25 during the day, the market found support at the 200-day moving average at 77.45.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock managed to break above the 200-day moving average at 77.45 today for the first time since April 12th.

Order Flow

Buying could speed up should prices move above the close-by swing high at 78.34 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 76.98 where further sell stops might get activated. With prices trading close to this year's low at 75.66, downside momentum could speed up should ETN break out to new lows for the year. As prices are trading close to April's high at 79.63, upside momentum might accelerate should the share mark new highs for the month.

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 Eaton Corporation
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ETN breaks below 100-day moving average

Jul 20, 2018
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