A.O. Smith Corporation (NYSE: AOS) share price has executed the buying momentum and showcased the trendline breakout on the charts. Moreover, the price action has witnessed buying interest after the Q3 earnings result. The Q3 numbers were above the estimates and the market reacted to it positively and has surpassed the significant moving averages. Additionally, the option chain shows the fresh addition of long positions. Notably, the stock is trading in a narrow range throughout the whole year 2023. However, the buyers are looking strong now and are trying to register a range breakout.
A. O. Smith Corp. manufactures residential and commercial gas and electric water heaters, boilers, tanks, and water treatment products. It operates throughout North America and the Rest of the World segments. The North America segment manufactures and markets comprehensive lines of residential and commercial gas and electric water heaters, boilers, and tanks. The company was founded by Charles Jeremiah Smith in 1874 and is headquartered in Milwaukee, WI.
AOS stock price is trading in a narrow range and has shown buying momentum in the past sessions. Furthermore, the chart has witnessed long build-ups and suggests that the stock will outperform if it surpasses the neckline of $75.
Is AOS Stock A Wise Pick For 2024?
On the daily charts, AOS stock price is trading in a narrow range and is heading to the upper neckline of $75. Moreover, the stock has surpassed the trendline barrier of $72 and is gaining momentum in the past sessions. The stock is showing the double bottom pattern and is close to the breakout zone of $75, beyond it, buyers will shine toward $85 followed by $90 by the end of 2023.
At press time, AOS stock price is trading at $72.82 with an intraday gain of 2.03% showing bullishness in yesterday’s session. Moreover, the trading volume increased by 0.55% to 1.1 Million and the market cap is $10.614 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $76.56 suggests a growth outlook for the upcoming sessions.
The RSI curve stayed in the overbought zone and formed a bullish divergence indicating the bulls’ dominance on the charts.
The MACD indicator showed a bullish crossover and formed green bars on the histogram suggesting a favorable buying outlook for the upcoming sessions.
The stock is ready to skyrocket and a sharp upmove will unlock, if registered a range breaks above $75. If it attains a breakout, AOS stock will reach the round mark of $100 soon.
Summary
AOS stock price has surpassed the hurdle of $72 and is heading to the upper neckline of $75, which if surpassed, a sharp up move toward $80 can be anticipated soon. Furthermore, the stock is close to the 52-week highs, and further upside is open and soon to be attained by the mighty bulls.
Technical Levels
Support Levels: $70 and $65
Resistance Levels: $75 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/11/11/aos-stock-nyse-aos-near-75-will-short-covering-rally-begins/