ETN closes within previous day's range after lackluster session
Moving higher for the 8th day in a row, ETN finished Thursday at 77.67 gaining $0.34 (0.44%) on low volume. Today's closing price of 77.67 marks the highest close since April 23rd. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Thursday's trading range was $0.93 (1.2%), that's below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 78.09. After spiking up to 78.05 during the day, the stock found resistance at the 200-day moving average at 78.01.
Although the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Further buying could move prices higher should the market test April's nearby high at 79.67.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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