PX rallies 3.19% on high volume
Praxair Inc. (PX) Technical Analysis Report for Apr 16, 2018
PX finished Monday at 151.20 surging $4.67 (3.19%) on high volume. This is the biggest single day gain in over two months. Today's closing price of 151.20 marks the highest close since March 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 147.76, the stock confirms its breakout through the prior session's high having traded $3.44 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $4.19 (2.83%), that's above last trading month's daily average range of $3.47. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After trading as low as 147.01 during the day, the market bounced off the key support level at 147.83. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 151.73.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. Praxair Inc. managed to break above the 50-day moving average at 150.35 today for the first time since March 8th.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.
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