AEE finds buyers again around 69.06
Ameren Corporation (AEE) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
AEE ended the week 1.54% higher at 69.82 after gaining $0.52 (0.75%) today, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (AEE as at May 22, 2020):
Friday's trading range has been $0.84 (1.21%), that's far below the last trading month's daily average range of $1.91. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AEE.
Three candlestick patterns are matching today's price action, the Bullish Short Candle, the Tweezer Bottom and the White Candle which are known as bullish patterns.
After having been unable to move lower than 69.06 in the prior session, the stock found buyers again around the same price level today at 69.06. The last time this happened on May 15th, AEE gained 5.05% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Further selling might move prices lower should the market test April's nearby low at 65.90.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Ameren. Out of 527 times, AEE closed higher 55.22% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.15% with an average market move of 0.53%.