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Archive
- 10/11/2024 -
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FirstEnergy Corp. (FE) Technical Analysis
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| Summary:
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| | It was the negative week for the FirstEnergy Corp. (FE). During the week, the FE dropped -0.75 points, or -1.73%, and closed at 42.71 on Friday, October 11, 2024. It was the worst weekly loss since June 7, 2024. Weekly volume was -18% below average.
FE is a member of Utilities Sector. Utilities is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See FE long-term trend chart]
A long-term downtrend had started on February 18, 2020 at 52.52 and reached 22.85 on July 22, 2020. FE lost 29.67 points, or 56.49%, in 22 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 35.17 and resistance is at 44.69. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
 Medium-term trend: [See FE medium-term trend chart]
A medium-term uptrend had started on October 3, 2023 at 32.18 and reached 44.97 on September 5, 2024. FE gained -12.79 points, or -39.75%, in 48 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (40.69) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.
 Weekly Technical Indicators: [See FE weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since July 19, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See FE short-term trend chart]
A short-term downtrend had started on September 5, 2024 at 44.97 and reached 42.20 on October 10, 2024. FE lost 2.77 points, or 6.16%, in 35 days. The price is now at the 18.41% retracement level.
 Daily Technical Indicators: [See FE daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since September 9, 2024. This is an indication that the short-term trend is down.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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