CMS ends the day on a bullish note closing near the high of the day
CMS Energy Corporation (CMS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CMS ended the week 2.04% higher at 68.51 after gaining $0.59 (0.87%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CMS as at Feb 14, 2020):
Friday's trading range has been $0.61 (0.9%), that's below the last trading month's daily average range of $0.76. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for CMS.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 68.98 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 68.98, upside momentum could accelerate should the market be able to break out to new highs for the year. As prices are trading close to February's high at 68.93, upside momentum might speed up should the stock mark new highs for the month.
Among the five 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 330 times, CMS closed higher 54.85% 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 65.76% with an average market move of 0.71%.