ROP closes above its opening price after recovering from early selling pressure
Roper Industries (ROP) Technical Analysis Report for Sep 14, 2018
ROP finished the week 2.24% higher at 310.83 after edging lower $0.13 (-0.04%) today on low volume. Trading up to $2.27 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $4.20 (1.35%), that's slightly above last trading month's daily average range of $3.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 312.38, Roper Industries closed below it after spiking as high as 312.52 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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