TSN closes higher for the 2nd day in a row
Tyson Foods Inc. (TSN) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TSN ended Thursday at 68.64 edging higher $0.08 (0.12%). Today's closing price of 68.64 marks the highest close since May 1st. Closing within the previous day's range, prices failed to decisively move past 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 Candlestick Chart (TSN as at May 17, 2018):
Thursday's trading range was $0.80 (1.17%), that's below last trading month's daily average range of $1.43. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 68.48.
Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 68.60 today for the first time since April 26th.
As prices are trading close to May's high at 70.00, upside momentum could speed up should Tyson Foods mark new highs for the month.