EVRG ends the day on a bullish note closing near the high of the day
Evergy Inc. (EVRG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EVRG finished the week 2.07% higher at 72.34 after gaining $0.79 (1.1%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (EVRG as at Feb 14, 2020):
Friday's trading range has been $0.95 (1.32%), that's slightly above the last trading month's daily average range of $0.87. 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 strongly lower than usual for EVRG.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 71.53 earlier during the day, the market bounced off the key technical support level at 71.77 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on January 14th, EVRG gained 1.57% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 72.62, upside momentum could accelerate should the stock be able to break out to new highs for the year.
Among the six 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 Evergy. Out of 479 times, EVRG closed higher 59.29% 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 64.51% with an average market move of 0.97%.