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February 28, 2023Yesterday at a glance: generally flat but with a slight bullish bias, Vontier ranged between $25.75 and $26.32 before closing higher at $26.
United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5 (previous figure was 107.1).
Vontier's uptick comes amid good United States macroeconomic data released during the day — United States Pending Home Sales beat the 1% projections, with 8.1%. Data for United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at 0.7%, beating projections of 0.1% and showing improvement over the preceding figure of -0.4%.
At the same time, data from United States concerning Core Durable Goods Orders was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 5.1% to -4.5% this month.
Vontier Corporation could be slowing down soon as it approaches resistance at $26.59. Of course, crossing it might suggest further gains are ahead. Despite posting gains on yesterday, Vontier slid below its 5 day Simple Moving Average at $25.82 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $26.86, thereby suggesting that Vontier is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest Vontier is set for a reversal in the coming days.
This rally in Vontier's share price coincided with other technology stocks as SAP traded at $115.13 after closing yesterday's trading day at $113.18 (up 1.72%). ASML Holding traded at $632.08 after closing yesterday's trading day at $618.38 (up 2.22%).
Vontier went up yesterday, yet these technology stocks did not follow — Intuit descends 1.71% yesterday to close at $419.81.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.
Furthermore, the market is looking at United States Crude Oil Inventories projected to come out at 440,000 — worse than previous data of 7.65 million; data will be released tomorrow at 15:30 UTC.
Elsewhere, United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
Trending downwards for around 1 year, 5 months. The US industrial tech company has gained 32.46% since its lowest print of $16.71 earlier this year.
