XEL pushes through key technical resistance level
Xcel Energy Inc. (XEL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XEL ended Thursday at 57.91 gaining $2.36 (4.25%), significantly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 57.05, the stock confirmed its breakout through the previous session high after trading up to $1.56 above it intraday.
Daily Candlestick Chart (XEL as at Mar 26, 2020):
Thursday's trading range has been $5.27 (9.88%), that's slightly above the last trading month's daily average range of $4.99. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for XEL.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 57.41 (now S1), which is likely to act as support going forward. After having been unable to move lower than 52.58 in the prior session, the share found buyers again around the same price level today at 53.34. The last time this happened on March 19th, XEL actually lost -12.69% on the following trading day.
The trend is clearly bearish, showing an intact downtrend 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 "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Xcel Energy. Out of 562 times, XEL closed higher 56.41% 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 63.70% with an average market move of 0.68%.