EXC unable to break through key resistance level
Exelon Corporation (EXC) Technical Analysis Report for Jul 23, 2020 | by Techniquant Editorial Team
EXC ended Thursday at 38.64 losing $0.35 (-0.9%), but still slightly outperforming the S&P 500 (-1.23%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EXC as at Jul 23, 2020):
Thursday's trading range has been $0.88 (2.25%), that's slightly below the last trading month's daily average range of $0.96. 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.
Unable to break through the key technical resistance level at 39.05 (R1), the stock closed below it after spiking up to 39.30 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on July 6th, EXC lost -1.07% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 39.52 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 37.83 where further sell stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Exelon. Out of 747 times, EXC closed higher 53.55% 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 54.08% with an average market move of 0.09%.