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May 13, 2023A quick look at yesterday: a tough session dominated by bearish sentiment left A. O. Smith $1.16 lower, while setting a $66.72 to $68.87 session range.
While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 195,800, while the previous figure was 195,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 21,400, while the previous figure was 13,300.
A. O. Smith Corp made an initial break below its 50 day Simple Moving Average at $67.62, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $68.08 serving as intraday support. On the other hand, note that A. O. Smith could begin to recover as it approaches significant support, now 89 cents away from $66.35. Dipping below could be an indication that further losses are ahead. Bollinger Bands® shows an indication of recovery: the lower band is at $67, a low enough level to, generally, suggest that A. O. Smith is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for A. O. Smith.
A. O. Smith was not the only decliner in the industrials sector; General Electric went down 0.71%, closed at $99.51.
On the other hand, positive performances could be seen by looking at other industrials stocks as Raytheon Technologies was up 0.47%. Union Pacific added 0.46% to its value, and traded at $199.
The stock has been trending positively for about a month. A. O. Smith hit a significant low of $48.58 around 7 months ago, but has since recovered 40.8%.
