ETN closes within previous day's range after lackluster session


Eaton Corporation (ETN) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

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 chart for ETN
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further buying could move prices higher should the market test April's nearby high at 79.67.

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
Condition Forecast Direction Win Avg Worst Best Events
Southern Doji TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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