Traders officially love to sell EIX against 67.74 level
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.
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
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
|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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