NDSN ends the day on a bullish note closing near the high of the day


Nordson Corp (NDSN) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
NDSN runs into sellers around 133.91 for the third day in a row
NDSN closes above its opening price after recovering from early selling pressure
NDSN finds buyers at key support level
NDSN finds support at 100-day moving average
NDSN ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 44% Bullish
Technical Forecast:
Overview

NDSN finished the week 0.26% higher at 133.43 after gaining $0.35 (0.26%) today. Trading up to $1.21 lower after the open, Nordson Corp managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for NDSN
Volatility

Friday's trading range was $2.45 (1.85%), that's slightly above last trading month's daily average range of $2.42. 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 131.46 and 134.04 which it has been in now for the last three days.

Support/Resistance

After trading as low as 131.46 during the day, the market bounced off the key support level at 131.82. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 134.37. The stock ran into sellers again today around 133.91 for the third trading day in a row after having found sellers at 134.04 in the prior session and at 133.94 two days ago. After trading as low as 131.46 during the day, the share found support at the 100-day moving average at 132.14.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could speed up should prices move above the nearby swing high at 134.04 where further buy stops might get triggered.

Conclusion

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 Nordson Corp
Condition Forecast Direction Win Avg Worst Best Events
Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Gap Up TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

NDSN soars 1.84% closing $2.44 higher

Aug 16, 2018
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