ETR climbs to highest close ever
Entergy Corporation (ETR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETR finished the week 1.66% higher at 134.13 after gaining $0.89 (0.67%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 134.13 marks the highest recorded closing price ever. Trading up to $0.56 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Wednesday, ETR gained 1.28% on the following trading day.
Daily Candlestick Chart (ETR as at Feb 14, 2020):
Friday's trading range has been $1.40 (1.05%), that's slightly below the last trading month's daily average range of $1.54. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for ETR.
Buyers managed to take out the key technical resistance level at 133.83 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Entergy. Out of 476 times, ETR closed higher 50.00% 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 56.93% with an average market move of 0.22%.