A. O. Smith closed at $51.61 after it made its largest daily jump of $2.57 (5.24%) since Jul 15.
Meanwhile, United States NY Empire State Manufacturing Index (Oct) released yesterday at 12:30 UTC with a figure of -9.1, while the previous figure was -1.5.
Trend and momentum analysis indicates that A. O. Smith Corp made an initial breakout above its 21 day Simple Moving Average at $50.2, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, A. O. Smith's upper Bollinger band is at $52.27, this is a slight indication of a slowdown. Visual analysis of A. O. Smith's chart shows that A. O. Smith is 70 cents away from testing key resistance at $52.31. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding A. O. Smith's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other industrials stocks also showed bullish price action as Union Pacific was up 2.48%. United Parcel Service traded at $164.72 after closing yesterday's trading day at $161.68 (up 1.88%). Lockheed Martin was up 2.03%.
Furthermore, the market is looking at United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Also worthy of note, United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
A. O. Smith is now trading 42.88% below the significant high of $85.85 it set around 9 months ago.