FE pushes through key resistance level


FirstEnergy Corp (FE) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
FE pushes through key resistance level
FE closes higher for the 2nd day in a row
FE pushes through previous session high
FE rises to highest close since November 14, 2017
FE still stuck within tight trading range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, FE ended Monday at 34.61 gaining $0.20 (0.58%). Today's closing price of 34.61 marks the highest close since November 14, 2017. Closing above Friday's high at 34.60, the stock confirms its breakout through the previous session's high having traded $0.18 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for FE
Volatility

Monday's trading range was $0.36 (1.04%), that's far below last trading month's daily average range of $0.59. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 33.98 and 34.78 which it has been in now for the last trading week.

Support/Resistance

Breaking through the key resistance level at 34.57 today, it is now likely to act as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 35.03, upside momentum could accelerate should the share be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for FirstEnergy Corp
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
3 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

FE breaks below prior session low

Jul 20, 2018
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