WEC climbs to highest close ever
WEC Energy Group Inc. (WEC) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, WEC finished the week 2.13% higher at 101.87 after gaining $0.66 (0.65%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 101.87 marks the highest recorded closing price ever.
Daily Candlestick Chart (WEC as at Feb 14, 2020):
Friday's trading range has been $0.76 (0.75%), that's below the last trading month's daily average range of $1.13. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for WEC.
After trading down to 101.35 earlier during the day, the stock bounced off the key technical support level at 101.37 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on Wednesday, WEC gained 0.46% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for WEC Energy. Out of 471 times, WEC closed higher 58.81% 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 62.00% with an average market move of 0.75%.