PCG unable to break through key resistance level
PG&E Corp. (PCG) Technical Analysis Report for May 17, 2018
Moving lower for the 5th day in a row, PCG ended Thursday at 42.22 losing $0.36 (-0.85%). Today's closing price of 42.22 marks the lowest close since March 9th. Trading $0.44 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 42.40, the stock confirms its breakout through the prior session's low having traded $0.21 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Thursday's trading range was $0.98 (2.29%), that's slightly below last trading month's daily average range of $1.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
Unable to break through the key technical resistance level at 42.82, PG&E Corp. closed below it after spiking as high as 43.17 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 above 43.12 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 43.17.
PCG shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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