EXC runs into sellers again around 36.01
Exelon Corporation (EXC) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EXC finished the week -2.12% lower at 35.07 after losing $0.86 (-2.39%) today on high volume, significantly underperforming the S&P 500 (-1.12%). Today's close at 35.07 marks the lowest recorded closing price since June 26th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 35.43, the stock confirmed its breakout through the previous session low after trading up to $0.59 below it intraday.
Daily Candlestick Chart (EXC as at Sep 18, 2020):
Friday's trading range has been $1.17 (3.25%), that's above the last trading month's daily average range of $0.89. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EXC.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. The last time this happened on July 6th, EXC lost -1.07% on the following trading day. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
After having been unable to move above 36.00 in the prior session, Exelon ran into sellers again around the same price level today, missing to move higher than 36.01.
Crossing below the lower Bollinger Band for the first time since September 10th, prices have shown unusually strong downward momentum in the short-term. This could either indicate a potential selling climax after which prices might head back up towards the mean of the Bollinger Bands at 36.63 or signal the beginning of a strong momentum breakout leading to even lower prices.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Exelon. Out of 115 times, EXC closed higher 56.52% of the time on the next trading day after the market condition occurred.