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May 07, 2023A quick look at Friday: after finishing Thursday at $69.19, the water heater manufacturer went up by 1.72% Friday and remained at the $70.38 level.
Technical analysis shows that A. O. Smith Corp is 40 cents away from testing key resistance at $70.78. Peaking above this level could inspire market bulls and open the path to further gains. Trend analysis indicates 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 A. O. Smith's upper Bollinger Band® is at $71.09, this is a slight indication of a slowdown.
Overall, while A. O. Smith has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in A. O. Smith's share price coincided with other industrials stocks as Union Pacific was up 2.12%. Caterpillar added 2.24% to its value, and traded at $215.09. United Parcel Service was up 1.41%.
The stock has been trending positively for about 29 days. The boiler maker is now trading 42.42% above the significant low ($48.58) it slumped to 7 months ago.
