PNW pushes through Wednesday's high


Pinnacle West Capital Corporation (PNW) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

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

Overview

Moving higher for the 3rd day in a row, PNW finished Thursday at 79.34 gaining $6.68 (9.19%), significantly 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 75.88, the share confirmed its breakout through the previous session high after trading up to $4.43 above it intraday.

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

Daily technical analysis candlestick chart for Pinnacle West Capital Corporation (PNW) as at Mar 26, 2020

Thursday's trading range has been $7.99 (10.97%), that's above the last trading month's daily average range of $6.41. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for PNW.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, PNW gained 2.28% on the following trading day.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Pinnacle West. Out of 337 times, PNW closed higher 53.41% 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 56.68% with an average market move of 0.17%.


Market Conditions for PNW as at Mar 26, 2020

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