SO pushes through previous session high
Southern Company (SO) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SO ended Thursday at 44.21 gaining $0.43 (0.98%). Today's closing price of 44.21 marks the highest close since May 31st. Closing above Wednesday's high at 43.94, Southern Co. confirms its breakout through the previous session's high having traded $0.48 above it intraday.
Daily Candlestick Chart (SO as at Jun 14, 2018):
Thursday's trading range was $0.67 (1.53%), that's slightly below last trading month's daily average range of $0.67. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Breaking through the key resistance level at 43.90 today, it is now likely to act as support going forward. After trading as low as 43.75 during the day, the share found support at the 20-day moving average at 43.78.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
As prices are trading close to June's high at 44.89, upside momentum might speed up should the stock mark new highs for the month.