CMS closes higher for the 2nd day in a row
CMS Energy Corporation (CMS) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CMS ended the week 1.49% higher at 56.46 after gaining $0.24 (0.43%) today, notably outperforming the S&P 500 (-0.58%). Today's close at 56.46 marks the highest recorded closing price ever. Closing above Thursday's high at 56.42, the market confirmed its breakout through the prior session high after trading up to $0.39 above it intraday.
Daily Candlestick Chart (CMS as at May 17, 2019):
Friday's trading range has been $0.74 (1.32%), that's slightly above the last trading month's daily average range of $0.74. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CMS.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 56.30 (now S1), which is likely to act as support going forward. The last time this happened on Monday, CMS actually lost -1.06% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for CMS Energy. Out of 334 times, CMS closed higher 54.19% 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 64.37% with an average market move of 0.73%.