Will overhead resistance stop this Trane? $TT – July 14, 2023
This is Scott with your Chart of the Day. I want to take a look at Trane Technologies ( NYSE: TT ).
Now, recently we have seen a massive run in semiconductors, software stocks, and basically the market generally. And I think the industrial sector is an area that could start to go if we do see some consolidation in some of those high-flying areas.
I was looking at some industrial stocks today and came across Trane Technologies ( NYSE: TT ). Now, Trane ( NYSE: TT ) has a nice little double-bottom pattern here. You can see, the first bottom here, and then the second bottom here.
And when it hit that second bottom it then gave us a slingshot move back above the 50-day moving average. And since then it has been just riding this daily 8-day exponential period moving average.
Now, a couple of days ago it got rejected right here. It didn’t get rejected on super high volume or anything but it did get rejected at an interesting area. So if I put a line there and zoom all the way out, you can see that that was the breakdown zone from January-February of 2022.
And so these longer-term resistance levels are pretty important, at least according to this stock. So I think Trane ( NYSE: TT ) has an opportunity to retest the all-time highs back here, right around that 204.00 area.
And I think that if the stock can get above this short-term resistance zone, it is probably going to visit 204.00. And then if it can get above there maybe it could reach into blue sky territory. Trane ( NYSE: TT ) is a company that makes furnaces, HVAC systems, and then they have a ton of industrial companies as well.
Money is starting to flow back into the industrials. I think TT ( NYSE: TT ) could be a stock that you want to watch just because it is pretty close to its all-time highs. This is definitely one to keep an eye on in the coming weeks.
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