FE closes above its opening price after recovering from early selling pressure
FirstEnergy Corp. (FE) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
FE finished the week -2.53% lower at 35.84 after gaining $0.19 (0.53%) today on low volume. Trading up to $0.19 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (FE as at Jul 13, 2018):
Friday's trading range was $0.41 (1.15%), that's below last trading month's daily average range of $0.65. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 35.31 and 36.11 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 35.89.
While 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.
Buying could speed up should prices move above the close-by swing high at 36.11 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 35.31 where further sell stops might get activated.