PCG closes lower for the 2nd day in a row
Pacific Gas & Electric Co. (PCG) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PCG finished the week 3.27% higher at 11.70 after losing $0.13 (-1.1%) today, notably underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 11.81, the share confirmed its breakout through the previous session low after trading up to $0.35 below it intraday.
Daily Candlestick Chart (PCG as at May 22, 2020):
Friday's trading range has been $0.54 (4.56%), that's slightly below the last trading month's daily average range of $0.57. 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 PCG.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on April 23rd, PCG lost -3.55% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Pacific Gas. Out of 203 times, PCG closed higher 57.64% 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 five trading days, showing a win rate of 51.72% with an average market move of -0.12%.