FBHS closes higher for the 2nd day in a row
Fortune Brands Home & Security (FBHS) Technical Analysis Report for Jul 13, 2018
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.
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.
Even with a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 55.39.
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.
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.
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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