PCG snaps to lowest close since August 2nd
Pacific Gas & Electric Co. (PCG) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PCG finished the week -0.68% lower at 42.67 after tanking $1.23 (-2.8%) today on high volume. This is the biggest single day loss in over a month. Today's closing price of 42.67 marks the lowest close since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 43.39, PG&E Corp. confirms its breakout through the prior session's low having traded $0.80 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PCG as at Aug 10, 2018):
Friday's trading range was $1.15 (2.63%), that's slightly above last trading month's daily average range of $1.15. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 42.16. Breaking below the key support level at 43.26 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The market broke below the 100-day moving average at 43.35 today for the first time since July 30th.