POR closes higher for the 2nd day in a row
Portland General Electric Co (POR) Technical Analysis Report for Aug 07, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, POR finished the week -2.2% lower at 43.16 after surging $1.14 (2.71%) today, strongly outperforming the S&P 500 (0.06%). This is the biggest single-day gain in over four weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 42.29, Portland General confirmed its breakout through the prior session high after trading up to $0.99 above it intraday.
Daily Candlestick Chart (POR as at Aug 07, 2020):
Friday's trading range has been $1.43 (3.42%), that's above the last trading month's daily average range of $1.21. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for POR.
Three candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Belt-hold showed up on April 5, 2019, POR actually lost -1.35% on the following trading day.
The share managed to close back above the 20-day moving average at 43.08 for the first time since July 31st. Prices are trading close to the key technical resistance level at 43.47 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Portland General. Out of 167 times, POR closed higher 59.28% 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 62.87% with an average market move of 0.74%.