FBHS breaks below previous session low


Fortune Brands Home & Security (FBHS) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
FBHS breaks below 50-day moving average
FBHS closes below its opening price unable to hold early session gains
FBHS unable to break through key resistance level
FBHS closes lower for the 5th day in a row
FBHS breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 5th day in a row, FBHS finished the week -5.02% lower at 54.63 after losing $1.33 (-2.38%) today. Today's closing price of 54.63 marks the lowest close since July 26th. Trading $0.53 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 55.89, the stock confirms its breakout through the previous session's low having traded $1.58 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for FBHS
Volatility

Friday's trading range was $0.86 (1.57%), that's slightly below last trading month's daily average range of $1.26. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 54.17. Unable to break through the key technical resistance level at 55.15, the share closed below it after spiking as high as 55.17 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. Fortune Brands broke below the 50-day moving average at 55.91 today for the first time since July 23rd.

Order Flow

With prices trading close to this year's low at 52.63, downside momentum could speed up should FBHS break out to new lows for the year. Further selling might move prices lower should the market test July's close-by low at 52.81.

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
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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