ODFL closes lower for the 2nd day in a row


Old Dominion Freig (ODFL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team

Highlights

ODFL closes above its opening price after recovering from early selling pressure
ODFL unable to break through key resistance level
ODFL closes lower for the 2nd day in a row
ODFL still stuck within tight trading range
ODFL closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, ODFL ended the week 0.58% higher at 146.58 after losing $0.52 (-0.35%) today on low volume. Trading up to $0.96 lower after the open, Old Dominion 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 in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (ODFL as at Aug 10, 2018):

Daily technical analysis candlestick chart for Old Dominion Freig (ODFL) as at Aug 10, 2018

Friday's trading range was $2.56 (1.75%), that's below last trading month's daily average range of $5.20. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 144.47 and 148.98 which it has been in now for the last trading week.

Unable to break through the key technical resistance level at 147.73, the market closed below it after spiking as high as 147.77 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.

While the stock 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.

Buying might accelerate should prices move above the close-by swing high at 148.98 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 145.00 where further sell stops could get activated. Further buying might move prices higher should the market test July's close-by high at 154.11.


Market Conditions for ODFL as at Aug 10, 2018

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Latest Report:

ODFL slips to lowest close since May 1st

Oct 19, 2018
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