USB closes lower for the 4th day in a row
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.
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.
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.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
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.
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
|Close to R1 Resistance||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Bounced off Technical Support S2||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
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