The US stock market is closed for the Good Friday holiday and resumes Monday. Meanwhile, here is a recap of yesterday: after dropping down to $63.4, the boiler maker recovers some losses and is currently trading at $64.6.
United States Non Farm Payrolls is next.
This uncertain state for A. O. Smith is reflected by published market data as highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 228,000. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.63 trillion, while the previous figure was 8.71 trillion.
Chart analysis indicates A. O. Smith Corp is climbing away and is now $1.71 from the $62.89 support line. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that A. O. Smith's upper Bollinger Band® is at $69.53 and the lower is $64.06.
Overall, the technical outlook suggests A. O. Smith is likely to remain muted for the immediate future, with no clear-cut direction.
Meanwhile, mixed performances were seen by other industrials stocks as Union Pacific was up 2.28%. Caterpillar went down to $209.17, losing 2.04% after it closed at $213.53 yesterday. Deere & Company went down 1.12%, closed at $373.82.
Data to be released Monday might clear up some of the market fog as projections for United States Non Farm Payrolls are set for a continuation of decline with 239,000 while previous data was 311,000; data will be released today at 12:30 UTC. United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released today at 12:30 UTC.
2 months ago the boiler maker reached a significant high of $70.4 but has consequently lost 8.22% since then.