Traders officially love to sell EIX against 67.74 level


Edison Int'l (EIX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
Traders officially love to sell EIX against 67.74 level
EIX ends the day on a bearish note closing near the low of the day
EIX breaks below previous session low
EIX falls to lowest close since August 2nd
TQ Sentiment
Report Sentiment: 57% Bearish
Technical Forecast:
Overview

EIX finished the week -0.58% lower at 66.63 after losing $0.79 (-1.17%) today. Today's closing price of 66.63 marks the lowest close since August 2nd. Closing below Thursday's low at 66.93, Edison Int'l confirms its breakout through the prior session's low having traded $0.35 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for EIX
Volatility

Friday's trading range was $1.16 (1.72%), that's slightly above last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.

Support/Resistance

Prices are trading close to a key support level at 66.54. The market was sold again around 67.74 after having seen highs at 67.58, 67.59 and 67.75 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 66.58 where further sell stops might get triggered. With prices trading close to this year's high at 68.43, upside momentum could speed up should the share be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Edison Int'l
Condition Forecast Direction Win Avg Worst Best Events
RSI(14) above 70 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
5 Consecutive Higher Closes TQ Pro Members Only
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