D breaks back above 200-day moving average
Dominion Energy Inc. (D) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, D finished the month -4.51% lower at 81.18 after gaining $0.57 (0.71%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 80.63, Dominion Energy confirmed its breakout through the previous session high after trading up to $0.83 above it intraday.
Daily Candlestick Chart (D as at Jun 30, 2020):
Tuesday's trading range has been $0.99 (1.23%), that's far below the last trading month's daily average range of $2.08. 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 D.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 18th, D actually lost -3.32% on the following trading day.
The market managed to close back above the 200-day moving average at 81.14. Prices are trading close to the key technical resistance level at 82.17 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Dominion Energy. Out of 56 times, D closed higher 51.79% 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 58.93% with an average market move of 0.08%.