USB closes lower for the 4th day in a row


U.S. Bancorp (USB) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
USB breaks key support level
USB finds support at 50-day moving average
USB closes lower for the 4th day in a row
USB falls to lowest close since June 4th
USB closes within previous day's range
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

Moving lower for the 4th day in a row, USB ended Thursday at 50.93 losing $0.15 (-0.29%) on high volume. Today's closing price of 50.93 marks the lowest close since June 4th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for USB
Volatility

Thursday's trading range was $0.62 (1.21%), that's slightly below last trading month's daily average range of $0.70. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 50.65. Breaking below the key support level at 51.08 today, it is now likely to act as resistance going forward. After trading as low as 50.74 during the day, the share found support at the 50-day moving average at 50.79.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying might speed up should prices move above the nearby swing high at 51.70 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 50.61 where further sell stops could get activated. As prices are trading close to June's low at 50.50, downside momentum might speed up should U. S. Bancorp mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for U.S. Bancorp
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Bullish Belt-hold TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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