XYL breaks key support level
Xylem Inc. New (XYL) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, XYL finished the week -0.26% lower at 75.80 after losing $0.89 (-1.16%) today. Today's closing price of 75.80 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 76.21, the stock confirms its breakout through the previous session's low having traded $0.49 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (XYL as at Aug 10, 2018):
Friday's trading range was $0.99 (1.29%), that's slightly below last trading month's daily average range of $1.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.
Breaking below the key support level at 75.87 today, it is now likely to act as resistance going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.