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SHW closes above its opening price after recovering from early selling pressure


Technical Analysis Report for SHW - Apr 16, 2018 [1 min read]
Highlights
SHW closes above its opening price after recovering from early selling pressure
SHW still stuck within tight trading range
SHW closes within previous day's range after lackluster session
SHW ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

SHW ended Monday at 387.91 gaining $2.48 (0.64%) on high volume. Trading up to $1.59 lower after the open, the stock 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.

Daily chart for SHW
Volatility

Monday's trading range was $3.36 (0.87%), that's far below last trading month's daily average range of $7.95. 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 384.36 and 394.15 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. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 385.14.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might speed up should prices move above the close-by swing high at 392.43 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 384.36 where further sell stops could get triggered. With prices trading close to this year's low at 378.14, downside momentum might speed up should the market break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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