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February 22, 2023
On a month uptrend, Today's session might suggest a slow down — Vontier trades at $25.5, after ending yesterday at $25.52.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Uncertainty around Vontier is reflected by published market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 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.
As the trading day commences, technical analysis suggests Vontier Corporation is approaching key support, around 30 cents away from $25.2. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Vontier is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Vontier's upper Bollinger Band® is at $26.12, suggesting that a downward move may follow.
Notwithstanding Vontier's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other technology stocks as after closing the previous session (yesterday) at $49.69, Cisco Systems lost 65 cents and is trading around $49.04. Adobe is up 1.15%.
Furthermore, the market is looking at tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC. United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
Trending downwards for around 1 year, 5 months. This year has been a bright one for the US industrial tech company after trading as low as $16.71 and going on to appreciate by 30% year to date.
