EXC breaks back above 50-day moving average
Exelon Corporation (EXC) Technical Analysis Report for Jul 10, 2020 | by Techniquant Editorial Team
EXC finished the week -0.24% lower at 37.39 after gaining $0.77 (2.1%) today, notably outperforming the S&P 500 (1.05%). Closing above Thursday's high at 37.03, the market confirmed its breakout through the previous session high after trading up to $0.49 above it intraday.
Daily Candlestick Chart (EXC as at Jul 10, 2020):
Friday's trading range has been $1.01 (2.75%), that's slightly below the last trading month's daily average range of $1.07. 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 EXC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 1st, EXC gained 0.32% on the following trading day.
Exelon managed to close back above the 50-day moving average at 37.39 for the first time since July 2nd.
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 seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Exelon. Out of 169 times, EXC closed lower 53.85% 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 54.44% with an average market move of -0.12%.