L closes within prior day's range after lackluster session


Loews Corp. (L) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
L fails to close above 20-day moving average
L stuck within tight trading range
L closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

L ended Thursday at 51.45 gaining $0.15 (0.29%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.

Daily chart for L
Volatility

Thursday's trading range was $0.44 (0.86%), that's below last trading month's daily average range of $0.66. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 51.02 and 51.61 which it has been in now for the last three days.

Price Action

In spite of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After spiking up to 51.61 during the day, Loews Corp. found resistance at the 20-day moving average at 51.49.

Trend

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

Order Flow

Buying might speed up should prices move above the nearby swing high at 52.16 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 51.02 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Loews Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Bounce off SMA 50 TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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