DTE closes above its opening price after recovering from early selling pressure
DTE Energy Company (DTE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
DTE finished the week 0.31% higher at 134.02 after gaining $0.47 (0.35%) today on high volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.42 lower after the open, DTE Energy managed to reverse during the session as bulls took control ending the day above its opening price. 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 (DTE as at Feb 14, 2020):
Friday's trading range has been $1.13 (0.84%), that's below the last trading month's daily average range of $1.43. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for DTE. Prices continued to consolidate within a tight trading range between 132.92 and 134.49 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on January 28th, DTE actually lost -0.39% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 133.07 where further sell stops might get activated. As prices are trading close to February's low at 132.70, downside momentum could speed up should the stock mark new lows for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for DTE Energy. Out of 678 times, DTE closed higher 56.64% 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 63.86% with an average market move of 0.71%.