XEL pushes through 20-day moving average
Xcel Energy Inc (XEL) Technical Analysis Report for Oct 12, 2018
XEL ended the week -1.49% lower at 47.65 after edging higher $0.03 (0.06%) today, notably underperforming the S&P 500 (1.42%). Trading up to $0.49 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 4th, XEL gained 1.94% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (XEL as at Oct 12, 2018):
Friday's trading range has been $0.70 (1.47%), that's slightly below the last trading month's daily average range of $0.80. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XEL.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns.
The share managed to break above the 20-day moving average at 47.59 today. Prices are trading close to the key technical resistance level at 47.97 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine 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 Xcel Energy. Out of 576 times, XEL closed higher 56.25% 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 57.29% with an average market move of 0.44%.