PNW closes within previous day's range
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Pinnacle West Capital
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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