WEC closes within prior day's range
WEC Energy Group Inc. (WEC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
WEC finished Wednesday at 98.78 losing $0.37 (-0.37%) on high volume, but still slightly outperforming the S&P 500 (-0.46%). Trading $1.26 higher after the open, WEC Energy was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WEC as at Sep 16, 2020):
Wednesday's trading range has been $2.34 (2.36%), that's above the last trading month's daily average range of $1.82. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WEC.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading down to 98.09 earlier during the day, the market bounced off the key technical support level at 98.26 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on September 8th, WEC gained 2.28% 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 OHLC Patterns based market condition "Bearish Spinning Top" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for WEC Energy. Out of 222 times, WEC closed higher 64.86% 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 63.51% with an average market move of 0.85%.