TDG closes higher for the 5th day in a row
TransDigm Group (TDG) Technical Analysis Report for Apr 16, 2018
Moving higher for the 5th day in a row, TDG finished Monday at 320.25 surging $11.03 (3.57%). This is the biggest single day gain in over a year. Today's closing price of 320.25 marks the highest close since Inception. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 311.70, the stock confirms its breakout through the prior session's high having traded $9.63 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $8.70 (2.78%), that's above last trading month's daily average range of $6.79. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being below average.
After trading as low as 312.63 during the day, TransDigm Group bounced off the key support level at 312.96. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 321.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 321.38, upside momentum might speed up should the market be able to break out to new highs for the year.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.
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