DTE pushes through Monday's high
DTE Energy Company (DTE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DTE finished the month -0.07% lower at 107.50 after gaining $0.94 (0.88%) today on high volume, underperforming the S&P 500 (1.54%). Closing above Monday's high at 106.57, the share confirmed its breakout through the previous session high after trading up to $1.42 above it intraday.
Daily Candlestick Chart (DTE as at Jun 30, 2020):
Tuesday's trading range has been $2.40 (2.26%), that's below the last trading month's daily average range of $3.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DTE.
One bullish candlestick pattern matches today's price action, the White Candle.
DTE Energy managed to close above the 100-day moving average at 106.52 for the first time since June 10th. When this moving average was crossed above the last time on June 3rd, DTE actually lost -1.69% on the following trading day. Prices are trading close to the key technical resistance level at 109.32 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 107.99 where further buy stops could get triggered. As prices are trading close to June's low at 102.19, downside momentum might speed up should the stock mark new lows for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for DTE Energy. Out of 521 times, DTE closed higher 53.74% 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 58.35% with an average market move of 0.38%.