EXC pushes through Thursday's high
Exelon Corporation (EXC) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, EXC ended the week 3.26% higher at 49.76 after gaining $0.19 (0.38%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 49.76 marks the highest recorded closing price since June 24, 2019. Trading up to $0.27 lower after the open, Exelon managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 49.70, the market confirmed its breakout through the prior session high after trading up to $0.08 above it intraday.
Daily Candlestick Chart (EXC as at Feb 14, 2020):
Friday's trading range has been $0.45 (0.91%), that's below the last trading month's daily average range of $0.62. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXC.
After having been unable to move above 49.70 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 49.78.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 48.20.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Exelon. Out of 491 times, EXC closed higher 52.55% 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 57.03% with an average market move of 0.34%.