EIX closes lower for the 3rd day in a row


Edison Int'l (EIX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
EIX closes below its opening price unable to hold early session gains
EIX unable to break through key resistance level
EIX closes lower for the 3rd day in a row
EIX ends the day on a bearish note closing near the low of the day
EIX runs into sellers again around 61.82
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, EIX ended Thursday at 61.22 losing $0.20 (-0.33%). Today's closing price of 61.22 marks the lowest close since May 9th. Trading $0.35 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 61.30, the share confirms its breakout through the prior session's low having traded $0.23 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

Thursday's trading range was $0.75 (1.22%), that's slightly below last trading month's daily average range of $1.02. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 61.47, the market closed below it after spiking as high as 61.82 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 61.83 in the previous session, Edison Int'l ran into sellers again around the same price level today, failing to move higher than 61.82.

Trend

EIX shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 60.23 where further sell stops could get triggered.

Conclusion

Even though both sentiments are bearish for the next trading day, the classical technical analysis metrics are only slightly bearish while our quantitative statistics show a bearish sentiment.

Market Conditions for Edison Int'l
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Hanging Man TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
More market conditions identified for TQ Pro members...
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