TMK closes within previous day's range after lackluster session
Moving higher for the 3rd day in a row, TMK ended Thursday at 85.67 gaining $0.37 (0.43%). Today's closing price of 85.67 marks the highest close since May 1st. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Thursday's trading range was $0.91 (1.07%), that's below last trading month's daily average range of $1.26. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 85.93. After trading as low as 85.00 during the day, Torchmark Corp. found support at the 50-day moving average at 85.14.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 86.17 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 84.41 where further sell stops might get activated. As prices are trading close to May's high at 86.77, upside momentum could accelerate should the market mark new highs for the month.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.
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