Yesterday at a glance: A. O. Smith spiked to $67.09 yesterday and consolidated before initiating a fresh rally to $67. This comes following Tuesday's session in which it closed at $66.39.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
On the flip side, following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.
At the same time, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
Support/Resistance levels obtained from chart analysis indicate that A. O. Smith Corp could be slowing down soon as it approaches resistance at $67.35. Of course, crossing it might suggest further gains are ahead. Technical analysis trend indicators suggest that A. O. Smith made an initial breakout above its 21 day Simple Moving Average at $66.64, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $68.63, thereby suggesting that A. O. Smith is becoming overvalued.
All in all, the technical analysis suggests A. O. Smith has no clear-cut direction.
This rally in A. O. Smith's share price coincided with other industrials stocks as Deere & Company was up 1.47%. Caterpillar added 1.05% to its value, and traded at $248.72.
A. O. Smith went up yesterday, yet these industrials stocks did not follow — Raytheon Technologies went down 0.79%, closed at $98.18.
Furthermore, the market is looking at United States Non Farm Payrolls projected to come out at 205,000 — worse than previous data of 517,000; data will be released tomorrow at 13:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 195,000 while previous data was 190,000; data will be released today at 13:30 UTC.
Also worthy of note, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
Trending downwards for around a month. The boiler maker has managed to gain 13.88% so far this year despite trading at lows around $48.58 previously.