PPL closes within prior day's range
PPL Corp. (PPL) Technical Analysis Report for Oct 12, 2018
PPL finished the week -0.13% lower at 30.25 after gaining $0.28 (0.93%) today, slightly underperforming the S&P 500 (1.42%). Trading up to $0.22 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 1st, PPL gained 1.05% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PPL as at Oct 12, 2018):
Friday's trading range has been $0.60 (2.0%), that's above the last trading month's daily average range of $0.52. 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 higher than usual for PPL.
Prices are trading close to the key technical resistance level at 30.37 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to R1 Resistance" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for PPL Corp.. Out of 1,370 times, PPL closed higher 50.66% 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 54.16% with an average market move of 0.09%.