A quick look at today: A. O. Smith ended yesterday at $59.76. today it went up to $60.75 only to drop back, yet still managed to close at $60.49.
United States's Consumer Confidence new data released of 100.2 below its previous figure.
A. O. Smith's uptick comes amid good United States macroeconomic data released during the day — United States Consumer Confidence beat the 100 projections, with 100.2.
At the same time, United States API Weekly Crude Oil Stock came out at -7.85 million, while a consensus of analysts was expecting -2.49 million. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) released today at 14:00 UTC with a figure of 10.4, while the previous figure was 13.1.
A. O. Smith Corp could be slowing down soon; it is getting close to the resistance line and is now at $61.03, only 54 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Despite posting gains on today, A. O. Smith slid below its 200 day Simple Moving Average at $59.42 during the last session — an early indicator that a negative trend could be emerging.
Examining the technical analysis landscape, A. O. Smith is likely to reverse course and start pointing downward in the short term.
This rally in A. O. Smith's share price coincided with other industrials stocks as United Parcel Service was up 2.77%. Union Pacific was up 2.04%. Boeing gained 2.03%, as it traded at $175.32.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -5%. It previously stood at -10.2%; data will be released tomorrow at 15:00 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -2.76 million, having previously been at -3.69 million. The figure will be published tomorrow at 15:30 UTC.
Also worthy of note, United States ADP Nonfarm Employment Change (Nov) will be released tomorrow at 13:15 UTC.
The stock has been trending positively for about a month. Having set a significant high of $85.85 a month ago, the water heater manufacturer is trading 23% lower.