Today at a glance: A. O. Smith ended yesterday at $61.4. today it went up to $62.21 only to drop back, yet still managed to close at $62.13.
A. O. Smith's uptick comes amid good United States macroeconomic data released during the day — data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 205,000, beating projections of 215,000 and showing improvement over the preceding figure of 206,000.
Meanwhile, United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%. United States Core Consumer Prices released yesterday at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.2%.
Trend and momentum analysis indicates that A. O. Smith Corp made an initial breakout above its 5 day Simple Moving Average at $61.35, a potential indicator of a newly emerging bullish phase. A. O. Smith formed a session range of $60.34 to $62.21 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $61.9. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $63.49, thereby suggesting that A. O. Smith is becoming overvalued. Chart analysis indicates A. O. Smith could be slowing down soon as it approaches resistance at $62.78. Of course, crossing it might suggest further gains are ahead.
All in all, the technical analysis suggests A. O. Smith has no clear-cut direction.
A look at other industrials stocks also showed bullish price action as Caterpillar traded at $258.46 after closing today's trading day at $255.07 (up 1.33%).
While A. O. Smith was bullish today, the following industrials stocks underperformed: Lockheed Martin lost 2.58% today and closed at $449.83. Raytheon Technologies falls 2% today to close at $100.68.
The boiler maker has gained 5.52% since its lowest print of $48.58 earlier this year.