Daily Stock Report

Newell Rubbermaid Inc. - (NWL) - May 10, 2022

Household products/staples producer Newell Rubbermaid (NWL) was the top performer in the SIA S&P 500 Index Report yesterday, soaring 7.9% on a day that the index plunged 3.2%. With this rally, NWL returned to the Green Favored Zone for the first time since March, finishing in 111th place, up 105 positions on the day and up 176 places in the last month.  

After spending the second half of 2021 under distribution, Newell Rubbermaid (NWL) shares bottomed out in December and have spent most of 2022 to date base building in the $21.00 to $24.00 range. Yesterday, the shares attracted significant new interest, soaring on a big spike in volume forming a Bullish Engulfing candle and breaking out over $24.00 to signal the start of a new upswing. 

Initially, upside resistance may appear near $26.00, where a previous breakout attempt had faltered, followed by previous peaks near $28.25 and $29.25, then the $30.00 round number. Initial support remains in place near $22.00 where the shares started their rally yesterday. 

Last month, Newell Rubbermaid (NWL) successfully retested support near $21.05 confirming the lower boundary of the current sideways trend, and into May, they have started to pick up once again. Yesterday’s breakout over $23.25 completed a bullish Double Top pattern signaling the start of a new upswing. 

Initially, upside resistance may appear at the top of the current range near $26.20, followed by the June 2021 peak near $28.95, and then $30.70 based on a horizontal count. Initial support appears near $22.35 based on a 3-box reversal. 

With a bullish SMAX score of 6, NWL is exhibiting strength against the asset classes. 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.