WEC pushes through Friday's high
WEC Energy Group Inc. (WEC) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, WEC finished Monday at 93.13 gaining $1.40 (1.53%), notably outperforming the S&P 500 (0.38%). Today's close at 93.13 marks the highest recorded closing price since April 29th. Closing above Friday's high at 91.96, WEC Energy confirmed its breakout through the prior session high after trading up to $1.79 above it intraday.
Daily Candlestick Chart (WEC as at Jun 01, 2020):
Monday's trading range has been $2.87 (3.13%), that's slightly above the last trading month's daily average range of $2.43. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WEC.
Two candlestick patterns are matching today's price action, the Three White Soldiers and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on May 29th, WEC gained 1.53% on the following trading day.
The stock managed to close above the 200-day moving average at 92.90 for the first time since April 29th.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 86.94.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for WEC Energy. Out of 303 times, WEC closed higher 55.12% 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 61.06% with an average market move of 0.47%.