EVRG pushes through Thursday's high
Evergy Inc. (EVRG) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EVRG ended the month 9.34% higher at 64.83 after gaining $0.36 (0.56%) today on low volume, slightly underperforming the S&P 500 (0.77%). Today's close at 64.83 marks the highest recorded closing price since June 8th. Trading up to $0.63 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 64.47, the stock confirmed its breakout through the prior session high after trading up to $0.43 above it intraday.
Daily Candlestick Chart (EVRG as at Jul 31, 2020):
Friday's trading range has been $1.20 (1.87%), that's slightly below the last trading month's daily average range of $1.38. 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 are trading close to the key technical resistance level at 65.40 (R1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 65.43 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 63.27 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Evergy. Out of 683 times, EVRG closed higher 52.86% 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 59.30% with an average market move of 0.53%.