Technical Pulse: FirstEnergy Corp September 2, 2022 266

FirstEnergy Corp (NYSE: FE) Upside is set to continue with successful retest of the immediate support at 39.50 as:   

 

  1. The bullish candlestick formed on 1 September at the confluence of ichimoku cloud support and uptrend channel support at 39.50 provides a bullish signal for the uptrend to continue.
  2. The Moving Average Convergence Divergence (MACD) technical indicator also signals a continuing bullish momentum in the stock, with higher highs and higher lows being formed.
  3. Price could reach resistance zone 1 at 41.00-41.50 before heading towards resistance zone 2 at 43.00-43.80 where the channel resistance and 61.8% Fibonacci retracement level provide confluence of resistances.

 

 

*Expected timeline of the trade is 5 weeks from the date of report issuance

 

CHART LEGEND

 

Red box = Resistance zone

Green box = Support zone

Blue line = Coversion line

 

Red line = Base line

 

 Green area = Ichimoku cloud

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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