PEG breaks below 100-day moving average


Public Serv. Enterprise Inc. (PEG) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
PEG tanks -1.27% closing $0.66 lower
PEG breaks key support level
PEG dominated by bears dragging the market lower throughout the day
PEG breaks below 100-day moving average
PEG fails to close above 50-day moving average
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

PEG finished the week -0.21% lower at 51.32 after tanking $0.66 (-1.27%) today. This is the biggest single day loss in over a week. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for PEG
Volatility

Friday's trading range was $1.03 (1.98%), that's far above last trading month's daily average range of $0.74. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

Support/Resistance

Prices are trading close to a key support level at 51.02. Breaking below the key support level at 51.73 today, it is now likely to act as resistance going forward. After having been unable to move lower than 51.20 in the prior session, Public Serv. found buyers again around the same price level today at 51.29. After spiking up to 52.32 during the day, the market found resistance at the 50-day moving average at 52.16.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already. The share broke below the 100-day moving average at 51.34 today for the first time since August 8th.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 51.02 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Public Serv. Enterprise Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
4 Consecutive Higher Closes TQ Pro Members Only
White Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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