PCG closes higher for the 4th day in a row
Pacific Gas & Electric Co. (PCG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PCG ended Thursday at 9.79 gaining $0.54 (5.84%) on high volume, slightly underperforming the S&P 500 (6.24%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PCG as at Mar 26, 2020):
Thursday's trading range has been $1.11 (11.71%), that's slightly below the last trading month's daily average range of $1.22. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PCG.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on March 13th, PCG actually lost -12.34% on the following trading day.
Prices are trading close to the key technical support level at 8.81 (S1).
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Pacific Gas. Out of 221 times, PCG closed lower 51.13% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.94% with an average market move of -1.88%.