AEE closes higher for the 5th day in a row
Ameren Corporation (AEE) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, AEE ended Thursday at 73.23 gaining $0.74 (1.02%), outperforming the S&P 500 (0.45%) ahead of tomorrow's Independence Day OBS market holiday. Today's close at 73.23 marks the highest recorded closing price since June 10th.
Daily Candlestick Chart (AEE as at Jul 02, 2020):
Thursday's trading range has been $1.06 (1.46%), that's far below the last trading month's daily average range of $2.23. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AEE.
Prices are trading close to the key technical support level at 72.11 (S1).
Though Ameren is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ameren. Out of 51 times, AEE closed higher 60.78% 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 seven trading days, showing a win rate of 50.98% with an average market move of 0.10%.