Yesterday at a glance: A. O. Smith spiked to $72.84 yesterday and consolidated before initiating a fresh rally to $72.38. This comes following Wednesday's session in which it closed at $72.13.

United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.

A. O. Smith's uptick comes amid good United States macroeconomic data released during the day — data from United States concerning GDP was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 2.6 to two this month. United States Initial Jobless Claims came out at 239,000, better than analyst estimates of 266,000 and improving upon the previous reading of 265,000.

On the flip side, United States Pending Home Sales fell short of the -0.5% projections, with new data of -2.7%.

Technical analysis of A. O. Smith's past price action reveals multiple support and resistance levels: A. O. Smith Corp could be slowing down soon; it is getting close to the resistance line and is now at $72.84, only 46 cents away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $72.74, thereby suggesting that A. O. Smith is becoming overvalued.

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 coincided with other industrials stocks as Raytheon Technologies was up 2%. Lockheed Martin was up 1.73%. Honeywell International added 1.96% to its value, and traded at $206.47.

Also worthy of note, United States Core PCE Price Index (MoM) (May) will be released today at 12:30 UTC.

The stock has been trending positively for about 29 days. The boiler maker is now trading 0.35% below the significant high of $72.38 it set around a day ago.