PPL finds buyers again around 26.08
PPL ended Thursday at 27.07 surging $0.95 (3.64%). This is the biggest single day gain in over two years. Today's closing price of 27.07 marks the highest close since May 31st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 26.28, the share confirms its breakout through the previous session's high having traded $0.84 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $1.04 (3.98%), that's far above last trading month's daily average range of $0.50. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 26.91 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 27.43. After having been unable to move lower than 26.01 in the prior session, the market found buyers again around the same price level today at 26.08.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. PPL Corp. managed to break above the 20-day moving average at 26.73 today for the first time since April 23rd.
As prices are trading close to June's high at 27.43, upside momentum could accelerate should the stock mark new highs for the month.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for PPL Corp.
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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