LEG finds support at 50-day moving average


Leggett & Platt (LEG) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
LEG pushes through key resistance level
LEG closes above its opening price after recovering from early selling pressure
LEG pushes through 50-day moving average
LEG finds support at 50-day moving average
LEG pushes through previous session high
TQ Sentiment
Report Sentiment: 55% Bullish
Technical Forecast:
Overview

LEG ended Monday at 44.77 gaining $0.44 (0.99%). Today's closing price of 44.77 marks the highest close since April 5th. Trading up to $0.31 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 44.71, the stock confirms its breakout through the prior session's high having traded $0.34 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for LEG
Volatility

Monday's trading range was $0.69 (1.54%), that's below last trading month's daily average range of $0.91. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking through the key resistance level at 44.74 today, it is now likely to act as support going forward. After trading as low as 44.36 during the day, the share found support at the 50-day moving average at 44.48.

Trend

Although LEG is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The market managed to break above the 50-day moving average at 44.48 today for the first time since April 4th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 45.26 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 44.04 where further sell stops could get triggered. As prices are trading close to April's high at 45.26, upside momentum might accelerate should the stock mark new highs for the month.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Leggett & Platt
ConditionForecastDirectionWinAvgWorstBestEvents
High close to previous High TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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