SO finds buyers at key support level
Southern Company (SO) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
SO finished the week -0.97% lower at 43.90 after losing $0.39 (-0.88%) today. Today's closing price of 43.90 marks the lowest close since September 4th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (SO as at Sep 14, 2018):
Friday's trading range was $0.60 (1.36%), that's slightly below last trading month's daily average range of $0.63. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 43.61 and 44.46 which it has been in now for the last three days.
After trading as low as 43.61 during the day, the share bounced off the key support level at 43.63. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 44.46. Southern Co. found buyers again today around 43.61 for the third trading day in a row after having found demand at 43.66 in the previous session and at 43.71 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 44.46 where further buy stops could get triggered.