SNA unable to break through key resistance level


Snap-On Incorporated (SNA) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team

Highlights

SNA unable to break through key resistance level
SNA finds support at 200-day moving average
SNA finds buyers again around 162.18
SNA still stuck within tight trading range
SNA closes within previous day's range

Overview

SNA ended the week 1.02% higher at 164.09 after losing $1.08 (-0.65%) today on low volume, slightly underperforming the S&P 500 (-0.16%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (SNA as at Jun 14, 2019):

Daily technical analysis candlestick chart for Snap-On Incorporated (SNA) as at Jun 14, 2019

Friday's trading range has been $2.59 (1.57%), that's slightly below the last trading month's daily average range of $2.92. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SNA. Prices continued to consolidate within a tight trading range between 161.39 and 165.52 where it has been caught now for the whole last trading week.

After moving higher in the previous session, Snap-On Incorporated closed lower but above the prior day's open today, forming a bearish Harami Candle. Additionally, one bearish candlestick pattern matches today's price action, the Hanging Man.

After trading as low as 162.18 during the day, the market found support at the 200-day moving average at 162.38. The last time this happened on January 30th, SNA gained 1.21% on the following trading day. Unable to break through the key technical resistance level at 164.77 (R1), the share closed below it after spiking up to 164.77 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. After having been unable to move lower than 162.54 in the previous session, the stock found buyers again around the same price level today at 162.18.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could speed up should prices move above the nearby swing high at 165.52 where further buy stops might get activated. Selling could accelerate should prices move below the close-by swing low at 161.39 where further sell stops might get triggered.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for Snap-On Incorporated. Out of 38 times, SNA closed higher 57.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 73.68% with an average market move of 1.31%.


Market Conditions for SNA as at Jun 14, 2019

Loading Market Conditions for SNA (Snap-On Incorporated)...
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