PNW closes within previous day's range
Pinnacle West Capital Corporation (PNW) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
PNW ended the week 1.22% higher at 81.30 after edging lower $0.01 (-0.01%) today. Trading $0.82 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. 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 Candlestick Chart (PNW as at Aug 10, 2018):
Friday's trading range was $1.17 (1.43%), that's slightly above last trading month's daily average range of $1.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 81.02.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 80.29 where further sell stops could get triggered. Further buying might move prices higher should the market test July's close-by high at 83.05.