PEG closes within prior day's range after lackluster session
Public Service Enterprise Group Incorporated (PEG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
PEG finished the month -3.68% lower at 49.16 after edging lower $0.05 (-0.1%) today, strongly underperforming the S&P 500 (1.54%). Trading $0.46 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 within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (PEG as at Jun 30, 2020):
Tuesday's trading range has been $1.15 (2.33%), that's below the last trading month's daily average range of $1.58. 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 PEG.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on June 26th, PEG actually gained 3.60% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 49.96 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Public Service. Out of 730 times, PEG closed higher 55.07% 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 54.66% with an average market move of 0.31%.