| 
February 22, 2023
Yesterday at a glance: in yesterday's bearish session, the water heater manufacturer shed around 2.33% in quick fashion, found support around the $65.29 level and finally closed at $65.67. In contrast, the day's events followed Friday's session in which the stock closed at $67.24.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Analysis of A. O. Smith's recent price action suggests A. O. Smith Corp could begin to recover as it approaches significant support, now 75 cents away from $64.92. Dipping below could be an indication that further losses are ahead. Price action remains constrained around the key Fibonacci level of $66 currently serving as support. If price action breaks below, the next Fib hurdle is $64.62.
A. O. Smith was not the only decliner in the industrials sector; Union Pacific closed at $193.75 (down 3.89%). United Parcel Service lost 2.59% yesterday and closed at $178.46. Boeing went down to $205.52, losing 2.9% after it closed at $211.66 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.17 million, following on from the preceding figure of 16.28 million. New data is set to be published tomorrow at 16:00 UTC. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The water heater manufacturer has fallen back around 4.49% from the significant high of $70.4 set 20 days ago.
