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May 01, 2023The boiler maker closed Friday at $68.29. Today, it went up to $70.22 only to drop back, but is still positive overall — trading around $69.83.
A. O. Smith is currently trading at $69.83 following the release of ISM Manufacturing PMI (Apr) data from the United States.
At the same time, United States ISM Manufacturing PMI (Apr) released today at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. Fresh ISM Manufacturing Employment (Apr) data from United States came out at 50.2.
Following today's trading session, chart analysis suggests A. O. Smith Corp could be slowing down soon; it is getting close to the resistance line and is now at $69.68, only 15 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as A. O. Smith price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Price action overcame a known Fibonacci resistance level at $69.15 by around 68 cents with prices hammering out a $68.62 – $70.22 session range. Analysis based on the asset volatility indicates that A. O. Smith's upper Bollinger Band® is at $70.46, this is a slight indication of a slowdown.
Notwithstanding A. O. Smith's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in A. O. Smith's share price coincides with other industrials stocks as United Parcel Service is trading at $182.47 after ending Friday's session at $179.81 (up 1.48%). General Electric is up 2% to $100.94. Union Pacific added 1.72% to its value, now trading at $199.07.
Also worthy of note, United States JOLTs Job Openings (Mar) is expected tomorrow at 14:00 UTC.
The water heater manufacturer now trading 14.66% above its 3-month low of $48.58.
