XYL closes above its opening price after recovering from early selling pressure
Xylem Inc. New (XYL) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XYL ended the week 2.56% higher at 68.52 after gaining $0.45 (0.66%) today on low volume. Today's closing price of 68.52 marks the highest close since June 20th. Trading up to $0.37 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 68.31, the stock confirms its breakout through the previous session's high having traded $0.30 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (XYL as at Jul 13, 2018):
Friday's trading range was $0.94 (1.38%), that's below last trading month's daily average range of $1.28. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
After trading as low as 67.67 during the day, the market bounced off the key support level at 67.90. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 67.67 during the day, Xylem Inc. found support at the 20-day moving average at 67.76.
Though XYL 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.