ETN closes within previous day's range after lackluster session

Eaton Corporation PLC (ETN) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


ETN fails to close above 200-day moving average
ETN closes higher for the 8th day in a row
ETN rises to highest close since April 23rd
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.

Daily Candlestick Chart (ETN as at May 17, 2018):

Daily technical analysis candlestick chart for Eaton Corporation PLC (ETN) as at May 17, 2018

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.

Market Conditions for ETN as at May 17, 2018

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