A. O. Smith rallied to $70.23 for the first time in 2 months (gaining 27 cents). It later dropped, erased yesterday’s gains and closed at $68.29.
While price action maintains a negative bias, United States Core PCE Price Index (MoM) (Mar) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
A. O. Smith Corp made an initial break below its 10 day Simple Moving Average at $68.22, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $69.15 serving as intraday support. A. O. Smith's upper Bollinger Band® is at $70.21 which indicates a further downward move may follow. On the other hand, note that A. O. Smith could begin to recover as it approaches significant support, now 83 cents away from $67.46. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting A. O. Smith to extend its recent losses.
On the other hand, positive performances could be seen by looking at other industrials stocks as Caterpillar was up 2.09%. United Parcel Service gained 1.15%, as it traded at $179.81. Deere & Company added 1.66% to its value, and traded at $378.
A. O. Smith hit a significant low of $48.58 around 6 months ago, but has since recovered 41.13%.