LNT pops to highest close ever
Alliant Energy Corporation (LNT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LNT finished the week 2.42% higher at 59.74 after gaining $0.36 (0.61%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 59.74 marks the highest recorded closing price ever. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (LNT as at Feb 14, 2020):
Friday's trading range has been $0.41 (0.69%), that's far below the last trading month's daily average range of $0.65. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for LNT.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on December 30, 2019, LNT gained 0.63% on the following trading day.
After trading down to 59.37 earlier during the day, Alliant Energy bounced off the key technical support level at 59.43 (S1). The failure to close below the support might increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Alliant Energy. Out of 90 times, LNT closed higher 57.78% 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 66.67% with an average market move of 0.74%.