ES dominated by bulls lifting the market higher throughout the day
Eversource Energy (ES) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ES ended Thursday at 78.74 gaining $6.84 (9.51%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 74.55, the stock confirmed its breakout through the previous session high after trading up to $4.93 above it intraday.
Daily Candlestick Chart (ES as at Mar 26, 2020):
Thursday's trading range has been $7.98 (11.08%), that's slightly above the last trading month's daily average range of $7.07. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher 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 76.47 (now S1), which is likely to act as support going forward. The last time this happened on March 17th, ES actually lost -1.10% on the following trading day. Prices are trading close to the key technical resistance level at 83.08 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight 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 176 times, ES closed higher 54.55% 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 60.23% with an average market move of 0.47%.