IDA closes higher for the 3rd day in a row
IDACORP Inc. (IDA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IDA finished Thursday at 88.25 gaining $5.42 (6.54%), slightly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 86.21, the market confirmed its breakout through the previous session high after trading up to $2.98 above it intraday.
Daily Candlestick Chart (IDA as at Mar 26, 2020):
Thursday's trading range has been $6.09 (7.31%), that's slightly below the last trading month's daily average range of $6.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for IDA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IDA gained 2.50% on the following trading day.
Prices are trading close to the key technical support level at 81.94 (S1). Prices are trading close to the key technical resistance level at 89.88 (R1).
Though the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for IDACORP. Out of 324 times, IDA closed higher 56.17% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.33% with an average market move of 0.45%.