FE closes higher for the 2nd day in a row
FirstEnergy Corp. (FE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FE finished the month -8.23% lower at 38.78 after gaining $0.79 (2.08%) today on high volume, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole 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 Jun 30, 2020):
Tuesday's trading range has been $1.09 (2.87%), that's slightly below the last trading month's daily average range of $1.20. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FE.
One bullish candlestick pattern matches today's price action, the White Candle.
Unable to break through the key technical resistance level at 38.87 (R1), the market closed below it after spiking up to 38.93 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on June 24th, FE lost -0.66% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for FirstEnergy. Out of 576 times, FE closed higher 49.83% of the time on the next trading day after the market condition occurred.