PEG closes higher for the 3rd day in a row


Public Service Enterprise Group Incorporated (PEG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

PEG dominated by bulls lifting the market higher throughout the day
PEG closes higher for the 3rd day in a row
PEG pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, PEG ended Thursday at 44.01 gaining $3.12 (7.63%) on low volume, strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 43.34, the share confirmed its breakout through the prior session high after trading up to $0.98 above it intraday.

Daily Candlestick Chart (PEG as at Mar 26, 2020):

Daily technical analysis candlestick chart for Public Service Enterprise Group Incorporated (PEG) as at Mar 26, 2020

Thursday's trading range has been $3.83 (9.33%), that's slightly above the last trading month's daily average range of $3.45. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for PEG.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, PEG gained 0.27% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Public Service. Out of 173 times, PEG closed higher 56.65% 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 10 trading days, showing a win rate of 54.34% with an average market move of 0.11%.


Market Conditions for PEG as at Mar 26, 2020

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