ES closes above its opening price after recovering from early selling pressure
Eversource Energy (ES) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ES ended the week 1.64% higher at 69.46 after gaining $0.32 (0.46%) today on low volume, significantly outperforming the S&P 500 (-2.33%) following today's NFP report. Today's close at 69.46 marks the highest recorded closing price ever. Trading up to $0.56 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, ES gained 0.31% on the following trading day. Closing above Thursday's high at 69.42, the share confirmed its breakout through the previous session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (ES as at Dec 07, 2018):
Friday's trading range has been $1.10 (1.59%), that's slightly below the last trading month's daily average range of $1.10. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ES.
Prices are trading close to the key technical resistance level at 69.83 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 69.83 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Eversource Energy. Out of 497 times, ES closed higher 54.33% 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 55.94% with an average market move of 0.36%.