Friday at a glance: after ending Thursday at $58.42, A. O. Smith went up to $59.09 only to drop back to its starting point and close at $58.3.
A. O. Smith Corp made an initial breakout above its 200 day Simple Moving Average at $59, a potential indicator of a newly emerging bullish phase. A. O. Smith's upper Bollinger Band® is at $62.32 and the lower is $58. A. O. Smith is approaching key support, around 42 cents away from $57.88. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Although price action remains in a stalemate, technical analysis suggests A. O. Smith could be primed for a break to the upside.
Meanwhile, mixed performances were seen by other industrials stocks as Deere & Company went down to $434.81, losing 1.83% after it closed at $442.93 Friday. United Parcel Service went down to $177.64, losing 1.11% after it closed at $179.63 Friday. Caterpillar descends 1.57% Friday to close at $230.92.
Data to be released today might clear up some of the market fog as United States Consumer Price Index is expected tomorrow at 13:30 UTC. United States Consumer Price Index figure is projected at 7.3%. It previously stood at 7.7%; data will be released tomorrow at 13:30 UTC. United States Core Consumer Prices is expected tomorrow at 13:30 UTC.
Having set a significant high of $85.85 2 months ago, the boiler maker is trading 20.26% lower.