FTV breaks key support level
Moving lower for the 3rd day in a row, FTV ended the week -1.86% lower at 79.70 after losing $0.54 (-0.67%) today. Today's closing price of 79.70 marks the lowest close since July 25th. Closing below Thursday's low at 80.20, the share confirms its breakout through the previous session's low having traded $0.77 below it intraday.
Friday's trading range was $0.80 (1.0%), that's below last trading month's daily average range of $1.29. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 79.98 today, it is now likely to act as resistance going forward.
Although Fortive Corp is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
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 Fortive Corp
|Close to R1 Resistance||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|
|Bounced off Technical Support S1||TQ Pro Members Only|
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