PX pops to highest close since June 6th
PX finished Thursday at 161.55 gaining $1.08 (0.67%). Today's closing price of 161.55 marks the highest close since June 6th. Trading $0.74 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior 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.
Thursday's trading range was $1.42 (0.88%), that's below last trading month's daily average range of $2.10. 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 160.21 and 162.92 which it has been in now for the last three days.
Unable to break through the key technical resistance level at 162.53, the share closed below it after spiking as high as 162.59 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move above 162.26 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 162.59.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 162.92 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 160.21 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for Praxair Inc.
|Southern Doji||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Doji||TQ Pro Members Only|
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