ES climbs to highest close ever
Eversource Energy (ES) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ES ended the week 3.4% higher at 93.66 after surging $1.18 (1.28%) today, notably outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 93.66 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ES as at Feb 14, 2020):
Friday's trading range has been $1.02 (1.1%), that's slightly below the last trading month's daily average range of $1.14. 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 strongly lower than usual for ES.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 93.56 (now S1), which is likely to act as support going forward. The last time this happened on Monday, ES actually lost -0.21% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Eversource Energy. Out of 179 times, ES closed higher 53.63% 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 60.89% with an average market move of 0.50%.