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Downtrend Broken Resist.Archive
- 5/10/2024 -
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Eversource (ES) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Eversource (ES). During the week, the ES gained 1.91 points, or 3.18%, and closed at 61.92 on Friday, May 10, 2024. It was the best weekly gain since February 16, 2024. Weekly volume was -33% below average.
ES 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 ES long-term trend chart]
A long-term downtrend had started on December 14, 2022 at 87.71 and reached 52.03 on November 1, 2023. ES lost 35.68 points, or 40.68%, in 46 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (52.17) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. ES may retest the broken resistance line. It is considered to be a support line now. 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 long-term trend.
 Medium-term trend: [See ES medium-term trend chart]
A medium-term uptrend had started on January 23, 2024 at 52.09 and reached 63.24 on May 2, 2024. ES gained -11.15 points, or -21.41%, in 14 weeks. The price is now at the 11.84% retracement level.
 Weekly Technical Indicators: [See ES weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See ES short-term trend chart]
A short-term uptrend had started on April 16, 2024 at 56.67 and reached 63.24 on May 2, 2024. ES gained -6.57 points, or -11.59%, in 16 days. The price is now at the 20.09% retracement level.
 Daily Technical Indicators: [See ES daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. 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 Williams' Percentage Range help.
The daily MACD line is above its signal line since April 19, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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