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April 25, 2023Today at a glance: grinding lower but with no clear-cut direction, the boiler maker closed the session at $68.57 after forming a distinct $68.3 – $69.5 range.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Consumer Confidence in United States fell short of market expectations (104) with a reading of 101.3, continuing the decline from the previous figure of 104.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
A. O. Smith Corp made an initial break below its 5 day Simple Moving Average at $68.58, a possible indication of a forthcoming negative trend. A. O. Smith's upper Bollinger Band® is at $70.4 which indicates a further downward move may follow. On the other hand, note that A. O. Smith could begin to recover as it approaches significant support, now 62 cents away from $67.95. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting A. O. Smith to extend its recent losses.
A. O. Smith was not the only decliner in the industrials sector; United Parcel Service closed at $176.29 (down 10%). Union Pacific lost 2.76% today and closed at $194.75. Deere & Company went down 2.21%, closed at $388.04.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of -0.1%; data will be released tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
The water heater manufacturer has appreciated 35.67% over the past six months.
