FE dominated by bulls lifting the market higher throughout the day
Moving higher for the 3rd day in a row, FE finished Thursday at 34.27 surging $0.64 (1.9%) on high volume. This is the biggest single day gain in over three months. Today's closing price of 34.27 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 33.84, FirstEnergy Corp confirms its breakout through the previous session's high having traded $0.50 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $0.73 (2.17%), that's above last trading month's daily average range of $0.55. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
After trading as low as 33.61 during the day, the market bounced off the key support level at 33.64. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 33.61 during the day, the stock found support at the 20-day moving average at 33.70.
Though the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. FE managed to break above the 50-day moving average at 34.00 today for the first time since May 30th.
Buying could speed up should prices move above the close-by swing high at 34.75 where further buy stops might get activated. Further buying could move prices higher should the market test May's nearby high at 34.75.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
Market Conditions for FirstEnergy Corp
|Close to S1 Support||TQ Pro Members Only|
|6 Consecutive Higher Closes||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
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