SO finds buyers again around 43.53


Southern Co. (SO) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
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
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

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 chart for SO
Volatility

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.

Support/Resistance

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.

Trend

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

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Southern Co.
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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