DUK closes higher for the 3rd day in a row


Duke Energy Corporation (DUK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

DUK pushes through key technical resistance level
DUK dominated by bulls lifting the market higher throughout the day
DUK closes higher for the 3rd day in a row
DUK pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, DUK ended Thursday at 81.19 gaining $6.48 (8.67%), significantly outperforming 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 78.55, Duke Energy confirmed its breakout through the previous session high after trading up to $3.38 above it intraday.

Daily Candlestick Chart (DUK as at Mar 26, 2020):

Daily technical analysis candlestick chart for Duke Energy Corporation (DUK) as at Mar 26, 2020

Thursday's trading range has been $6.92 (9.2%), that's above the last trading month's daily average range of $5.81. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for DUK.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, DUK gained 4.49% on the following trading day.

Buyers managed to take out the key technical resistance level at 76.00 (now S1), which is likely to act as support going forward.

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 eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Duke Energy. Out of 171 times, DUK closed higher 52.63% 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 58.48% with an average market move of 0.29%.


Market Conditions for DUK as at Mar 26, 2020

Loading Market Conditions for DUK (Duke Energy Corporation)...
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