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April 13, 2023A quick look at today: after dipping down to $64.74, A. O. Smith regained earlier losses and reaches $66.35.
A. O. Smith's uptick comes amid good United States macroeconomic data released during the day — highly important Crude Oil Inventories data from United States beat analyst expectations of -583,000 with a reading of 597,000.
On the flip side, United States Producer Price Index published today at 12:30 UTC came out at -0.5%, falling short of the 0.1% projections and continuing its decline from the previous 0% figure. Data from United States concerning Initial Jobless Claims was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 228,000 to 239,000 this month.
Despite posting gains on today, A. O. Smith Corp slid below its 5 day Simple Moving Average at $65.25 during the last session — an early indicator that a negative trend could be emerging. A. O. Smith could be slowing down soon; it is getting close to the resistance line and is now at $67, only 66 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates A. O. Smith is set for a reversal in the coming days.
A look at other industrials stocks also showed bullish price action as Honeywell International was up 1.38%. Lockheed Martin was up 0.83%. United Parcel Service traded at $191 after closing today's trading day at $189.85 (up 0.61%).
Also worthy of note, tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%.
The market is looking forward to the release of new data: United States Retail Sales is expected tomorrow at 12:30 UTC.
The water heater manufacturer has appreciated 36.04% over the past six months.
