EVRG closes higher for the 2nd day in a row
Evergy Inc. (EVRG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EVRG ended the month -3.89% lower at 59.29 after edging higher $0.11 (0.19%) today, notably underperforming the S&P 500 (1.54%). Trading up to $0.63 lower after the open, Evergy managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EVRG as at Jun 30, 2020):
Tuesday's trading range has been $1.11 (1.87%), that's far below the last trading month's daily average range of $1.81. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EVRG. Prices continued to consolidate within a tight trading range between 57.60 and 59.76 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bearish Hikkake Pattern which is known as bearish pattern and one neutral pattern, the Doji.
After spiking up to 59.76 during the day, the stock found resistance at the 50-day moving average at 59.43. The last time this happened on June 26th, EVRG actually gained 1.84% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 57.60 where further sell stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Evergy. Out of 29 times, EVRG closed higher 62.07% 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 62.07% with an average market move of 1.19%.