SRE finds buyers at key support level

Sempra Energy (SRE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team


SRE runs into sellers around 118.31 for the forth day in a row
SRE finds buyers at key support level
SRE closes within previous day's range after lackluster session


SRE finished the month -7.19% lower at 117.23 after losing $0.89 (-0.75%) today, significantly underperforming the S&P 500 (1.54%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (SRE as at Jun 30, 2020):

Daily technical analysis candlestick chart for Sempra Energy (SRE) as at Jun 30, 2020

Tuesday's trading range has been $2.55 (2.16%), that's below the last trading month's daily average range of $4.02. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SRE.

After trading down to 115.76 earlier during the day, the market bounced off the key technical support level at 117.18 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 25th, SRE actually lost -4.01% on the following trading day. The stock was sold again around 118.31 after having seen highs at 118.16, 117.94 and 118.46 in the last three trading sessions. Obviously there is something going on at that level.

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

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior two Highs" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Sempra Energy. Out of 152 times, SRE closed higher 59.21% 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 57.24% with an average market move of 0.54%.

Market Conditions for SRE as at Jun 30, 2020

Loading Market Conditions for SRE (Sempra Energy)...
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