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