PPL closes higher for the 3rd day in a row
PPL Corporation (PPL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PPL finished Thursday at 24.67 gaining $2.44 (10.98%), notably 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 23.41, the share confirmed its breakout through the prior session high after trading up to $1.58 above it intraday.
Daily Candlestick Chart (PPL as at Mar 26, 2020):
Thursday's trading range has been $2.64 (11.65%), that's above the last trading month's daily average range of $1.96. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for PPL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, PPL gained 4.66% on the following trading day.
Prices are trading close to the key technical resistance level at 25.76 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 25.76 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for PPL. Out of 168 times, PPL closed higher 52.98% 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 56.55% with an average market move of 0.09%.