ODFL closes lower for the 2nd day in a row
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.
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.
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 Old Dominion Freig
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Up Close near high of period||TQ Pro Members Only|
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