WEC closes higher for the 3rd day in a row
WEC Energy Group Inc. (WEC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, WEC finished the month -4.45% lower at 87.65 after gaining $0.68 (0.78%) today, underperforming the S&P 500 (1.54%).
Daily Candlestick Chart (WEC as at Jun 30, 2020):
Tuesday's trading range has been $1.50 (1.72%), that's far below the last trading month's daily average range of $2.40. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WEC.
Prices are trading close to the key technical resistance level at 88.15 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 88.74 where further buy stops could get triggered.
Among the three 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 180 times, WEC closed higher 60.00% 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 65.56% with an average market move of 0.53%.