WEC dominated by bulls lifting the market higher throughout the day

WEC Energy Group Inc. (WEC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


WEC dominated by bulls lifting the market higher throughout the day
WEC closes higher for the 3rd day in a row
WEC pushes through Wednesday's high


Moving higher for the 3rd day in a row, WEC finished Thursday at 86.77 gaining $6.03 (7.47%) on low volume, significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 84.00, the market confirmed its breakout through the prior session high after trading up to $4.25 above it intraday.

Daily Candlestick Chart (WEC as at Mar 26, 2020):

Daily technical analysis candlestick chart for WEC Energy Group Inc. (WEC) as at Mar 26, 2020

Thursday's trading range has been $7.89 (9.74%), that's slightly below the last trading month's daily average range of $8.98. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for WEC.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, WEC gained 0.66% on the following trading day.

Prices are trading close to the key technical resistance level at 90.34 (R1).

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

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for WEC Energy. Out of 184 times, WEC closed higher 59.24% 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 65.22% with an average market move of 0.45%.

Market Conditions for WEC as at Mar 26, 2020

Loading Market Conditions for WEC (WEC Energy Group Inc.)...
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WEC stuck within tight trading range

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