FE closes higher for the 2nd day in a row
FirstEnergy Corp (FE) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, FE finished the week 0.85% higher at 37.83 after edging higher $0.04 (0.11%) today. Trading up to $0.37 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $0.56 (1.49%), that's above last trading month's daily average range of $0.47. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 37.33 and 38.00 which it has been in now for the last three days.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 37.33 during the day, the stock bounced off the key support level at 37.42. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 38.09. After having been unable to move above 37.83 in the previous session, FirstEnergy Corp ran into sellers again around the same price level today, failing to move higher than 37.89. After trading as low as 37.33 during the day, the share found support at the 20-day moving average at 37.41.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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