SWN finds buyers at key support level
Southwestern Energy (SWN) Technical Analysis Report for Aug 10, 2018
SWN ended the week 9.23% higher at 5.56 after gaining $0.14 (2.58%) today. Today's closing price of 5.56 marks the highest close since July 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SWN as at Aug 10, 2018):
Friday's trading range was $0.22 (4.07%), that's slightly above last trading month's daily average range of $0.19. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
After trading as low as 5.38 during the day, the share bounced off the key support level at 5.39. 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 5.66. After having been unable to move lower than 5.38 in the prior session, the stock found buyers again around the same price level today at 5.38.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test July's nearby high at 5.66.