DTE fails to close above 20-day moving average
DTE Energy Company (DTE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DTE finished Thursday at 97.98 gaining $5.50 (5.95%) on low volume, slightly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 96.71, DTE Energy confirmed its breakout through the prior session high after trading up to $2.37 above it intraday.
Daily Candlestick Chart (DTE as at Mar 26, 2020):
Thursday's trading range has been $8.03 (8.76%), that's slightly above the last trading month's daily average range of $7.99. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DTE.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 99.08 during the day, the share found resistance at the 20-day moving average at 98.30. The last time this happened on November 21, 2019, DTE actually gained 0.06% on the following trading day.
While the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for DTE Energy. Out of 53 times, DTE closed higher 54.72% 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 60.38% with an average market move of 0.59%.