FBHS closes higher for the 2nd day in a row


Fortune Brands Home & Security (FBHS) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
FBHS dominated by bulls lifting the market higher throughout the day
FBHS pushes through 20-day moving average
FBHS closes higher for the 2nd day in a row
FBHS pushes through previous session high
FBHS still stuck within tight trading range
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, FBHS finished the week 1.15% higher at 55.18 after gaining $0.69 (1.27%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 54.88, the share confirms its breakout through the previous session's high having traded $0.48 above it intraday.

Daily chart for FBHS
Volatility

Friday's trading range was $0.89 (1.63%), that's slightly below last trading month's daily average range of $0.95. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 54.20 and 55.43 which it has been in now for the last trading week.

Price Action

Even with a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to the key resistance level at 55.39.

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 20-day moving average at 54.80 today for the first time since July 10th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 55.43 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 54.20 where further sell stops could get triggered.

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 Fortune Brands Home & Security
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
High close to previous High TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

FBHS breaks key support level

Jul 20, 2018
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