PCG unable to break through key resistance level


PG&E Corp. (PCG) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
PCG closes below its opening price unable to hold early session gains
PCG unable to break through key resistance level
PCG closes lower for the 5th day in a row
PCG ends the day on a bearish note closing near the low of the day
PCG runs into sellers again around 43.17
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

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.

Daily chart for PCG
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

PCG 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 bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for PG&E Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Black Candle TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Short Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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