XEL closes above its opening price after recovering from early selling pressure
Xcel Energy Inc. (XEL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XEL ended the week 2.26% higher at 70.26 after gaining $0.44 (0.63%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 70.26 marks the highest recorded closing price ever. Trading up to $0.22 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, XEL actually lost -0.14% on the following trading day.
Daily Candlestick Chart (XEL as at Feb 14, 2020):
Friday's trading range has been $0.63 (0.9%), that's slightly below the last trading month's daily average range of $0.79. 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 XEL.
After trading down to 69.77 earlier during the day, Xcel Energy bounced off the key technical support level at 69.81 (S1). The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four 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 488 times, XEL closed higher 55.74% 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 58.40% with an average market move of 0.35%.