When we look at the Otis Worldwide (NYSE:OTIS) chart, we can see it’s been trading in a channel between $80.50 support and $84.50 resistance for the past week.
The stock fell from the $83 price level to $78 at the opening of the Jan. 26 session but immediately recovered with a bounce-back at $82 and closing in the green.
It was last found trading at $82.76 with the closest overhead resistance of $84.5 and the closest support level at $80.50.
Otis Worldwide has scheduled a quarterly earnings announcement today.
If earning expectations are surpassed, we could expect the price to move upwards, towards the $85 price range.
Today we can expect a move towards the $84.50 resistance or consolidation at the current level.
If it doesn’t manage to hold on to the current level, a move towards and below the $80.50 can be expected.