LNT unable to break through key resistance level
Alliant Energy Corporation (LNT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LNT finished the month -3.08% lower at 47.84 after gaining $0.44 (0.93%) today, underperforming the S&P 500 (1.54%). Closing above Monday's high at 47.64, the stock confirmed its breakout through the prior session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (LNT as at Jun 30, 2020):
Tuesday's trading range has been $0.84 (1.77%), that's far below the last trading month's daily average range of $1.41. 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.
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 White Candle showed up on June 18th, LNT actually lost -2.12% on the following trading day.
Unable to break through the key technical resistance level at 48.08 (R1), the share closed below it after spiking up to 48.14 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the six 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 93 times, LNT closed higher 58.06% 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 64.52% with an average market move of 0.68%.