EVRG closes within prior day's range
Evergy Inc. (EVRG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
EVRG finished Wednesday at 52.63 gaining $0.26 (0.5%) on low volume, outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EVRG as at Sep 16, 2020):
Wednesday's trading range has been $1.07 (2.05%), that's slightly below the last trading month's daily average range of $1.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EVRG.
Prices are trading close to the key technical resistance level at 53.49 (R1). The market found buyers again today around 52.15 for the third trading day in a row after having found demand at 52.27 in the prior session and at 52.10 two days ago. The last time this happened on July 22nd, EVRG gained 0.42% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 53.79 where further buy stops might get activated. Selling could accelerate should prices move below the nearby swing low at 51.58 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Evergy. Out of 683 times, EVRG closed higher 52.27% 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 58.27% with an average market move of 0.41%.