FE pushes through key resistance level
FirstEnergy Corp (FE) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (FE as at Apr 16, 2018):
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.
Breaking through the key resistance level at 34.57 today, it is now likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.