MAS finds buyers at key support level
Moving lower for the 4th day in a row, MAS ended the week -2.28% lower at 38.60 after losing $0.52 (-1.33%) today. Today's closing price of 38.60 marks the lowest close since July 25th. Closing below Thursday's low at 39.09, Masco Corp. confirms its breakout through the prior session's low having traded $0.85 below it intraday.
Friday's trading range was $0.76 (1.95%), that's slightly above last trading month's daily average range of $0.72. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 38.24 during the day, the share bounced off the key support level at 38.25. The failure to close below the support could increase that levels importance as support going forward. Breaking below the key support level at 38.95 today, it is now likely to act as resistance going forward. After trading as low as 38.24 during the day, the market found support at the 50-day moving average at 38.45.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. MAS broke below the 100-day moving average at 38.71 today for the first time since March 14th.
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 Masco Corp.
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|Bearish Bounce off SMA 100||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
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