ETR pops to highest close since September 12, 2008
Entergy Corporation (ETR) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETR ended the week 1.62% higher at 97.89 after gaining $0.98 (1.01%) today, notably outperforming the S&P 500 (-0.58%). Today's close at 97.89 marks the highest recorded closing price since September 12, 2008. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 97.23, the stock confirmed its breakout through the previous session high after trading up to $0.78 above it intraday.
Daily Candlestick Chart (ETR as at May 17, 2019):
Friday's trading range has been $1.67 (1.73%), that's above the last trading month's daily average range of $1.28. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ETR.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 97.41 (now S1), which is likely to act as support going forward. The last time this happened on Monday, ETR actually lost -1.01% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Entergy. Out of 90 times, ETR closed lower 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.22% with an average market move of -0.21%.