FLIR slides to lowest close since May 3rd


FLIR Systems (FLIR) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
FLIR closes below its opening price unable to hold early session gains
FLIR unable to break through key resistance level
FLIR closes lower for the 6th day in a row
FLIR ends the day on a bearish note closing near the low of the day
FLIR breaks below previous session low
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

Moving lower for the 6th day in a row, FLIR finished Thursday at 54.44 losing $0.30 (-0.55%) on low volume. Today's closing price of 54.44 marks the lowest close since May 3rd. Trading $0.22 higher after the open, FLIR Systems was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 54.62, the market confirms its breakout through the prior session's low having traded $0.26 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for FLIR
Volatility

Thursday's trading range was $0.59 (1.08%), that's below last trading month's daily average range of $0.94. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 54.82, the stock closed below it after spiking as high as 54.95 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 55.37 where further buy stops might get triggered.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for FLIR Systems
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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