SO finds buyers again around 43.53

Southern Company (SO) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team


SO finds buyers at key support level
SO closes lower for the 4th day in a row
SO finds buyers again around 43.53
SO falls to lowest close since March 23rd


Moving lower for the 4th day in a row, SO ended Thursday at 43.62 losing $0.27 (-0.62%). Today's closing price of 43.62 marks the lowest close since March 23rd.

Daily Candlestick Chart (SO as at May 17, 2018):

Daily technical analysis candlestick chart for Southern Company (SO) as at May 17, 2018

Thursday's trading range was $0.44 (1.0%), that's far below last trading month's daily average range of $0.68. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

After trading as low as 43.53 during the day, the market bounced off the key support level at 43.61. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 43.62 in the previous session, the stock found buyers again around the same price level today at 43.53.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

With prices trading close to this year's low at 42.38, downside momentum might speed up should the share break out to new lows for the year. Trading close to March's low at 43.02 we could see further downside momentum if potential sell stops at the level get activated.

Market Conditions for SO as at May 17, 2018

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