ETR finds buyers around 76.20 for the third day in a row


Entergy Corp. (ETR) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
ETR finds buyers around 76.20 for the third day in a row
ETR closes above its opening price after recovering from early selling pressure
ETR still stuck within tight trading range
ETR closes within previous day's range after lackluster session
ETR ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

ETR finished Thursday at 76.71 gaining $0.40 (0.52%). Trading up to $0.28 lower after the open, the share 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 in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ETR
Volatility

Thursday's trading range was $0.80 (1.05%), that's far below last trading month's daily average range of $1.22. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 75.91 and 77.52 which it has been in now for the last trading week.

Price Action

After moving lower in the previous session, the market managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 75.91. Prices are trading close to the key resistance level at 77.52. Entergy Corp. found buyers again today around 76.20 for the third trading day in a row after having found demand at 76.23 in the previous session and at 76.05 two days ago.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 77.52 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 75.91 where further sell stops could get activated. Further selling might move prices lower should the market test May's close-by low at 75.45.

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 Entergy Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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