Vontier closes at $29.07, up 2.07%, adding one more to its 4th straight day of gains

A quick look at yesterday: bullish sentiment helped the North Carolina manufacturing company to hammer out a noteworthy $28.61 to $29.23 range yesterday, and finally closing at $29.07 to end the session.

Vontier's uptick comes amid good United States macroeconomic data released during the day — United States Crude Oil Inventories came out at 5 million, better than analyst estimates of -920,000 and improving upon the previous reading of 2.95 million.

At the same time, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.

Technical analysis shows that Vontier Corporation could be slowing down soon as it approaches resistance at $29.35. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Vontier price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Vontier is in an overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $29.04, thereby suggesting that Vontier is becoming overvalued.

Notwithstanding Vontier's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

This rally in Vontier's share price coincided with other technology stocks as TSM gained 5.82%, as it traded at $90.88. ServiceNow gained 5.27%, as it traded at $492.92. Applied Materials added 3.95% to its value, and traded at $125.7.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 254,000. It previously stood at 264,000; data will be released today at 12:30 UTC.

Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) is expected today at 12:30 UTC. United States Existing Home Sales (Apr) scheduled to come out today at 14:00 UTC.

Trading mostly sideways for 1 year, 5 months. The US industrial tech company is now trading 2.03% below the significant high of $29.07 it set around a day ago.