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


Technical Analysis Report for STT - May 17, 2018 [1 min read]
Highlights
STT closes above its opening price after recovering from early selling pressure
STT fails to close above 50-day moving average
STT closes within previous day's range after lackluster session
STT ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

STT finished Thursday at 101.24 gaining $0.14 (0.14%). Trading up to $0.79 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 STT
Volatility

Thursday's trading range was $1.50 (1.48%), that's below last trading month's daily average range of $1.98. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 102.06. After spiking up to 101.81 during the day, the stock found resistance at the 50-day moving average at 101.40.

Trend

State Street 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 close-by swing high at 103.15 where further buy stops might get triggered. Further buying could move prices higher should the market test April's nearby high at 104.33.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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