EXC still stuck within tight trading range
Exelon Corporation (EXC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
EXC finished Wednesday at 36.26 gaining $0.09 (0.25%), outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (EXC as at Sep 16, 2020):
Wednesday's trading range has been $0.85 (2.36%), that's slightly below the last trading month's daily average range of $0.88. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for EXC. Prices continued to consolidate within a tight trading range between 35.62 and 36.86 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical support level at 36.12 (S1). After having been unable to move lower than 35.99 in the previous session, Exelon found buyers again around the same price level today at 35.92. The last time this happened on Monday, EXC actually lost -0.25% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 36.86 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 35.62 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Exelon. Out of 746 times, EXC closed higher 53.08% 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 54.02% with an average market move of 0.09%.