TIF closes above its opening price after recovering from early selling pressure
Moving higher for the 6th day in a row, TIF ended Monday at 99.81 gaining $0.79 (0.8%). Today's closing price of 99.81 marks the highest close since March 15th. Trading up to $0.83 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 Friday's high at 99.80, the stock confirms its breakout through the previous session's high having traded $0.48 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $1.34 (1.34%), that's below last trading month's daily average range of $2.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 98.94 during the day, the market bounced off the key support level at 99.27. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 98.94 during the day, TIF found support at the 50-day moving average at 99.52.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The stock managed to break above the 50-day moving average at 99.52 today for the first time since February 6th.
Further buying might move prices higher should the market test March's nearby high at 102.82.
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 very bullish sentiment.
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|Bounced off Technical Support S1||TQ Pro Members Only|
|Bullish Bounce off SMA 50||TQ Pro Members Only|
|Bullish Break through SMA 50||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|6 Consecutive Higher Closes||TQ Pro Members Only|
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