SHW runs into sellers again around 382.56

Sherwin-Williams (SHW) Technical Analysis Report for May 17, 2018

Highlights

SHW runs into sellers again around 382.56
SHW closes within previous day's range after lackluster session
SHW ends the day indecisive

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:

Overview

SHW ended Thursday at 380.23 losing $0.89 (-0.23%). 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

Thursday's trading range was $4.33 (1.14%), that's below last trading month's daily average range of $7.83. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

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 a key support level at 377.08. After having been unable to move above 382.75 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 382.56.

Trend

Though the share is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 385.22 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 377.08 where further sell stops might get activated.

Conclusion

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

Market Conditions for Sherwin-Williams

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SHW breaks below prior session low

Sep 24, 2018
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