EVRG pushes through Wednesday's high
Evergy Inc. (EVRG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EVRG ended Thursday at 58.16 gaining $6.26 (12.06%), notably 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 54.45, the share confirmed its breakout through the prior session high after trading up to $5.18 above it intraday.
Daily Candlestick Chart (EVRG as at Mar 26, 2020):
Thursday's trading range has been $7.72 (14.81%), that's far above the last trading month's daily average range of $4.99. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EVRG.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, EVRG gained 2.35% on the following trading day.
Prices are trading close to the key technical resistance level at 63.10 (R1).
Although the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Evergy. Out of 167 times, EVRG closed higher 50.90% 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 59.88% with an average market move of 0.35%.