ES ends the day indecisive

Eversource Energy (ES) Technical Analysis Report for Sep 14, 2018

Highlights

ES closes above its opening price after recovering from early selling pressure
ES finds buyers at key support level
ES finds support at 20-day moving average
ES runs into sellers again around 63.56
ES still stuck within tight trading range

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

ES finished the week 1.15% higher at 63.53 after losing $0.08 (-0.13%) today. Trading up to $0.65 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ES

Volatility

Friday's trading range was $0.87 (1.37%), that's above last trading month's daily average range of $0.71. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 62.69 and 63.75 which it has been in now for the last trading week.

Support/Resistance

After trading as low as 62.69 during the day, the share bounced off the key support level at 62.93. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 63.75. After having been unable to move above 63.62 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 63.56. After trading as low as 62.69 during the day, Eversource Energy found support at the 20-day moving average at 62.85.

Trend

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

Order Flow

Buying could accelerate should prices move above the nearby swing high at 63.75 where further buy stops might get triggered. With prices trading close to this year's high at 64.99, upside momentum could speed up should ES be able to break out to new highs for the year.

Conclusion

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

Market Conditions for Eversource Energy

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