EXC pushes through key technical resistance level


Exelon Corporation (EXC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

EXC pushes through key technical resistance level
EXC dominated by bulls lifting the market higher throughout the day
EXC closes higher for the 3rd day in a row
EXC pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, EXC ended Thursday at 36.59 gaining $2.04 (5.9%) on low volume, slightly underperforming 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 36.31, Exelon confirmed its breakout through the previous session high after trading up to $0.66 above it intraday.

Daily Candlestick Chart (EXC as at Mar 26, 2020):

Daily technical analysis candlestick chart for Exelon Corporation (EXC) as at Mar 26, 2020

Thursday's trading range has been $2.70 (7.81%), that's slightly below the last trading month's daily average range of $3.19. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for EXC.

One bullish candlestick pattern matches today's price action, the White Candle.

Buyers managed to take out the key technical resistance level at 36.25 (now S1), which is likely to act as support going forward. The last time this happened on March 4th, EXC actually lost -1.47% on the following trading day.

Although the share 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 eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Exelon. Out of 302 times, EXC closed lower 53.64% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.99% with an average market move of -0.42%.


Market Conditions for EXC as at Mar 26, 2020

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