O pushes through key resistance level
O finished Thursday at 52.99 gaining $0.59 (1.13%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Thursday's trading range was $0.78 (1.48%), that's slightly above last trading month's daily average range of $0.74. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
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.
Breaking through the key resistance level at 52.60 today, it is now likely to act as support going forward. Unable to break through the key technical resistance level at 53.30, the stock closed below it after spiking as high as 53.34 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The market managed to break above the 20-day moving average at 52.94 today for the first time since May 3rd.
Selling might speed up should prices move below the close-by swing low at 52.37 where further sell stops could get triggered.
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 Realty Income Corporation
|Close to R1 Resistance||TQ Pro Members Only|
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
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