ESCO Technologies (ESE) has not been an easy stock to trade or analyze.
In this short-term daily chart of ESE, above, we can see a broad sideways trend with prices swinging up, down and around the popular 50-day and 200-day simple moving averages. Throughout this sideways-range trade, the On-Balance-Volume (OBV) line has been in a gradual decline, suggesting liquidation by longs. The trend-following Moving Average Convergence Divergence (MACD) oscillator has been moving sideways around the zero line, mirroring the sideways price action.
This longer-term view of ESE, above, is not much different than the short-term chart. Prices for ESE have traded on both sides of the 40-week moving average. Prices have largely been confined to a $34 to $40 range, and that could well continue, but our unscientific "gut" is suggesting that prices work lower in the weeks and months ahead.