ETR dominated by bulls lifting the market higher throughout the day
Entergy Corporation (ETR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETR ended Thursday at 96.71 gaining $7.75 (8.71%) on low volume, strongly 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 92.99, the market confirmed its breakout through the prior session high after trading up to $5.08 above it intraday.
Daily Candlestick Chart (ETR as at Mar 26, 2020):
Thursday's trading range has been $8.95 (9.99%), that's slightly above the last trading month's daily average range of $8.09. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ETR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, ETR gained 3.05% on the following trading day.
After trading down to 89.12 earlier during the day, the stock bounced off the key technical support level at 89.58 (S1). The failure to close below the support could increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 99.85 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Entergy. Out of 458 times, ETR closed higher 56.99% 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 58.95% with an average market move of 0.45%.