ROP runs into sellers around 276.01 for the third day in a row


Roper Industries (ROP) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ROP runs into sellers around 276.01 for the third day in a row
ROP fails to close above 50-day moving average
ROP still stuck within tight trading range
ROP closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 37% Bearish
Technical Forecast:
Overview

ROP ended Monday at 274.34 gaining $1.23 (0.45%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for ROP
Volatility

Monday's trading range was $2.11 (0.77%), that's far below last trading month's daily average range of $5.85. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 269.44 and 276.34 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 275.49. The market ran into sellers again today around 276.01 for the third trading day in a row after having found sellers at 276.34 in the previous session and at 275.70 two days ago. After spiking up to 276.01 during the day, the share found resistance at the 50-day moving average at 275.80.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 276.34 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 269.44 where further sell stops might get activated. As prices are trading close to April's high at 280.83, upside momentum could accelerate should ROP mark new highs for the month. Further selling might move prices lower should the market test March's nearby low at 264.21.

Conclusion

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 Roper Industries
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
RSI(2) above 80 TQ Pro Members Only
Last Engulfing Top Pattern TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

ROP pushes through prior session high

Jul 20, 2018
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