FTV finds buyers around 87.37 for the third day in a row
Fortive Corporation (FTV) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
FTV ended Tuesday at 87.64 edging lower $0.18 (-0.2%), slightly underperforming the S&P 500 (0.05%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FTV as at Apr 16, 2019):
Tuesday's trading range has been $0.83 (0.94%), that's below the last trading month's daily average range of $1.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FTV. Prices continued to consolidate within a tight trading range between 87.20 and 88.36 where it has been caught now for the last three trading days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Even with a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to the key technical support level at 87.15 (S1). The stock found buyers again today around 87.37 for the third trading day in a row after having found demand at 87.23 in the previous session and at 87.20 two days ago. The last time this happened on April 11th, FTV gained 0.93% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 88.36 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Engulfing Candle" stand out. Its common bearish interpretation has been confirmed for Fortive. Out of 28 times, FTV closed lower 60.71% of the time on the next trading day after the market condition occurred.