LNT unable to break through key resistance level
Alliant Energy Corporation (LNT) Technical Analysis Report for Sep 13, 2019 | by Techniquant Editorial Team
LNT ended the week -1.17% lower at 51.65 after losing $0.05 (-0.1%) today, slightly underperforming the S&P 500 (-0.07%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (LNT as at Sep 13, 2019):
Friday's trading range has been $0.75 (1.46%), that's slightly below the last trading month's daily average range of $0.76. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LNT.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on August 7th, LNT gained 1.28% on the following trading day.
Unable to break through the key technical resistance level at 51.77 (R1), Alliant Energy closed below it after spiking up to 52.02 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the nearby swing high at 52.20 where further buy stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Alliant Energy. Out of 226 times, LNT closed higher 55.31% 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 58.85% with an average market move of 0.38%.