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TXT ends the day on a bullish note closing near the high of the day


Technical Analysis Report for TXT - Apr 16, 2018 [1 min read]
Highlights
TXT runs into sellers around 59.54 for the third day in a row
TXT closes above its opening price after recovering from early selling pressure
TXT finds buyers at key support level
TXT pushes through 50-day moving average
TXT ends the day on a bullish note closing near the high of the day
TQ Sentiment
Technical Forecast:
Overview

TXT ended Monday at 59.43 gaining $0.91 (1.56%). Today's closing price of 59.43 marks the highest close since April 5th. Trading up to $0.22 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 prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for TXT
Volatility

Monday's trading range was $0.65 (1.1%), that's far below last trading month's daily average range of $1.23. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 57.78 and 59.54 which it has been in now for the last trading week.

Price Action

After moving lower in the prior session, Textron Inc. managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

After trading as low as 58.89 during the day, the share bounced off the key support level at 58.93. 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 59.85. The stock ran into sellers again today around 59.54 for the third trading day in a row after having found sellers at 59.52 in the prior session and at 59.45 two days ago.

Trend

TXT shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 50-day moving average at 58.56 today for the first time since April 11th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 59.72 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 58.21 where further sell stops could get triggered. Trading close to February's high at 61.43 we might see further upside momentum if potential buy stops at the level get activated.

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
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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