UTX closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, UTX ended the week -0.59% lower at 133.10 after losing $1.14 (-0.85%) today. Today's closing price of 133.10 marks the lowest close since July 23rd. Closing below Thursday's low at 134.05, United Tech confirms its breakout through the previous session's low having traded $1.76 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $1.46 (1.09%), that's slightly below last trading month's daily average range of $1.89. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 132.29 during the day, United bounced off the key support level at 132.64. The failure to close below the support might increase that levels importance as support going forward.
Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock broke below the 20-day moving average at 133.15 today for the first time since July 11th.
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 United Technologies
|Close to R1 Resistance||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
|Takuri Line||TQ Pro Members Only|
|Close near high of period||TQ Pro Members Only|
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