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NI closes lower for the 4th day in a row


Technical Analysis Report for NI - May 17, 2018 [1 min read]
Highlights
NI closes below its opening price unable to hold early session gains
NI unable to break through key resistance level
NI fails to close above 20-day moving average
NI closes lower for the 4th day in a row
NI ends the day on a bearish note closing near the low of the day
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 4th day in a row, NI finished Thursday at 24.36 losing $0.04 (-0.16%). Today's closing price of 24.36 marks the lowest close since April 26th. Trading $0.36 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for NI
Volatility

Thursday's trading range was $0.63 (2.56%), that's far above last trading month's daily average range of $0.41. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Prices are trading close to a key support level at 24.09. Unable to break through the key technical resistance level at 24.64, the share closed below it after spiking as high as 24.98 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 24.35 in the prior session, NiSource Inc. found buyers again around the same price level today at 24.35. After spiking up to 24.98 during the day, the stock found resistance at the 20-day moving average at 24.64.

Trend

NI shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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