ES rises to highest close ever
Eversource Energy (ES) Technical Analysis Report for May 21, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ES ended Tuesday at 73.74 gaining $0.11 (0.15%), underperforming the S&P 500 (0.85%). Today's close at 73.74 marks the highest recorded closing price ever. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ES as at May 21, 2019):
Tuesday's trading range has been $0.78 (1.06%), that's below the last trading month's daily average range of $1.01. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ES.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on May 16th, ES gained 0.55% on the following trading day. Additionally, two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Prices are trading close to the key technical support level at 73.27 (S1). After having been unable to move lower than 73.47 in the previous session, the share found buyers again around the same price level today at 73.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Eversource Energy. Out of 567 times, ES closed higher 55.03% 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 59.79% with an average market move of 0.62%.