Exelon Stock ( NASDAQ: EXC) price stayed in a narrow range and showed a double bottom pattern on the charts. Buyers are holding their breath and persist to maintain the gains defending the lower trendline near $39.00. Moreover, the chart structure showcased the symmetrical triangle formation and stock is gaining traction from the last session with a spike in trading volume.
Furthermore, EXC stock is crossing the upper bollinger band in the last session and indicating a rise in the momentum of bulls. The price action shows that buyers are now gaining traction and ready to escape in the form of breakout above 200 day EMA near $45 in the next sessions. EXC stock has remained in the consolidation range from the past weeks and now it is pumped up the momentum and ready to blast soon.
Exelon Corporation is a utility services holding company. The Company, through its subsidiary, Exelon Generation Company, LLC (Generation), is engaged in the generation, delivery, and marketing of energy business.
The Company, through its subsidiaries, Commonwealth Edison Company (ComEd), PECO Energy Company (PECO), Baltimore Gas and Electric Company (BGE), Pepco Holdings LLC (PHI), Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL) and Atlantic City Electric Company (ACE), is engaged in the energy distribution and transmission business.
At press time, EXC stock was traded at $41.21 with an intraday gain of 0.96% showing bullish cues. Moreover, the intraday trading volume was noted at 9.595 Million which increased by 3.20% showing interest of investors.
Will EXC stock gain further?
On the daily charts, EXC stock indicates that an upcoming bull move was near to showcase and buying projections are visible on the charts. Moreover, long buildup activity from buyers was also noted.
EXC stock has made a strong base near $38 which was retested in the last sessions and took a bounce from there. The stock has a trajectory resistance mark of $45 which is the strong supply mark. Meanwhile, if stock sustains above 200 day EMA and crosses the trendline, then momentum shifting of bulls will be able to fetch $45 soon.
What Technical Indicators Say?
On the 4 hour chart, Exelon stock showed a three white soldiers pattern and starting to show a positive outlook from the past trading sessions, gaining by more than 5% this week.
The RSI curve sharply rose towards the overbought zone near 70 and indicated a positive crossover on the charts.
Moreover, the MACD indicator also began a fresh bullish crossover and started to show bullishness.
Conclusion:
EXC stock was close to 200 day EMA and willing to surpass above it which indicates a near term bullishness of the stock.
Technical levels:
Major support: $38
Major resistance: $45
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/19/will-exelon-stock-nasdaq-exc-escape-above-the-200-day-ema/