SNA climbs to highest close since February 26th


Snap-On Inc. (SNA) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
SNA closes above its opening price after recovering from early selling pressure
SNA finds buyers at key support level
SNA finds buyers again around 158.02
SNA pushes through previous session high
SNA rises to highest close since February 26th
TQ Sentiment
Technical Forecast:
Overview

SNA finished Thursday at 159.48 gaining $0.99 (0.62%) on high volume. Today's closing price of 159.48 marks the highest close since February 26th. Trading up to $1.38 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 159.45, the stock confirms its breakout through the previous session's high having traded $1.36 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for SNA
Volatility

Thursday's trading range was $2.79 (1.75%), that's above last trading month's daily average range of $2.28. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 158.02 during the day, Snap-On Inc. bounced off the key support level at 158.63. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 157.86 in the prior session, the market found buyers again around the same price level today at 158.02.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.

Market Conditions for Snap-On Inc.
ConditionForecastDirectionWinAvgWorstBest
Close to S1 Support TQ Pro Members Only
Hanging Man TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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