FLIR finds buyers at key support level
FLIR Systems Inc. (FLIR) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
FLIR finished Monday at 52.16 gaining $0.79 (1.54%) on low volume. Today's closing price of 52.16 marks the highest close since January 29th. Trading up to $0.32 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 52.07, the stock confirms its breakout through the prior session's high having traded $0.29 above it intraday.
Daily Candlestick Chart (FLIR as at Apr 16, 2018):
Monday's trading range was $0.85 (1.64%), that's below last trading month's daily average range of $0.99. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After trading as low as 51.51 during the day, FLIR Systems bounced off the key support level at 51.70. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 52.70, upside momentum could speed up should the market be able to break out to new highs for the year.