NTRS dominated by bulls lifting the market higher throughout the day

Northern Trust Corp. (NTRS) Technical Analysis Report for Sep 14, 2018

Highlights

NTRS dominated by bulls lifting the market higher throughout the day
NTRS ends the day on a bullish note closing near the high of the day
NTRS closes within previous day's range

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

NTRS ended the week -1.74% lower at 104.15 after gaining $1.08 (1.05%) today on high volume. The bulls were in full control today, moving the market higher throughout the whole session. 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 NTRS

Volatility

Friday's trading range was $1.37 (1.33%), that's slightly below last trading month's daily average range of $1.57. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 105.47.

Trend

The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Trading close to July's low at 101.72 we might see further downside momentum if potential sell stops at the level get activated.

Conclusion

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

Market Conditions for Northern Trust Corp.

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