POR pushes through key technical resistance level
Portland General Electric Co (POR) Technical Analysis Report for Feb 13, 2020 | by Techniquant Editorial Team
POR ended Thursday at 62.34 surging $1.36 (2.23%), significantly outperforming the S&P 500 (-0.16%). This is the biggest single-day gain in over two years. Today's close at 62.34 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 61.27, the share confirmed its breakout through the prior session high after trading up to $1.07 above it intraday.
Daily Candlestick Chart (POR as at Feb 13, 2020):
Thursday's trading range has been $1.23 (2.01%), that's far above the last trading month's daily average range of $0.57. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for POR.
Three candlestick patterns are matching today's price action, the Bullish Closing Marubozu, the Bullish Marubozu and the White Candle which are known as bullish patterns. The last time a Bullish Marubozu showed up on August 18, 2016, POR actually lost -1.37% on the following trading day.
Buyers managed to take out the key technical resistance level at 61.42 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Portland General. Out of 326 times, POR closed higher 56.44% 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 61.35% with an average market move of 0.60%.