The Hourly View for SUM
Currently, SUM (Get Ratings)’s price is up $0.53 (1.61%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as SUM has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, with price now being above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
SUM ranks 12th in terms of today’s price percentage change out of Non-Metallic and Industrial Metal Mining stocks.
SUM’s Technical Outlook on the Daily Chart
At the time of this writing, SUM’s price is down $-0.02 (-0.06%) from the day prior. It’s been a feast for bears operating on the daily timeframe, as SUM has now gone down 4 of the past 5 days. From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes. Of note is that the 20 and 50 day changed directions on SUM; they are now pointing down. The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The chart below shows SUM’s price action over the past 90 days.
SUM: Daily RSI Analysis
SUM: Daily RSI Analysis
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The post Summit Materials Inc (SUM): Price Now Near $33.67; Daily Chart Shows An Uptrend on 100 Day Basis appeared first on ETF Daily News.
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