EDP RENOVAVEIS - 1H - Technical analysis published on 02/27/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
28%
56%
17%
My opinion
Bearish under 13.465 EUR
My targets
12.784 EUR (-1.85%)
11.572 EUR (-11.16%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on EDP RENOVAVEIS as long as the price remains well below 13.465 EUR. The sellers' bearish objective is set at 12.784 EUR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 11.572 EUR. In case of crossing, the next objective would be the support located at 8.730 EUR. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.
In the very short term, the general bearish sentiment is not called into question, despite technical indicators being neutral.
Force
0
10
7
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Additional analysis
Quotes
The EDP RENOVAVEIS rating is 13.025 EUR. On the day, this instrument gained +0.50% and was traded between 12.920 EUR and 13.060 EUR over the period. The price is currently at +0.81% from its lowest and -0.27% from its highest.12.920
13.060
13.025
The Central Gaps scanner detects the formation of a bearish gap marking the strong presence of sellers ahead of buyers at the opening. This formed a quotation gap.
Opening Gap DOWN
Type : Bearish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by EDP RENOVAVEIS:
New LOW record (1 year)
Type : Bearish
Timeframe : Weekly
New LOW record (1st january)
Type : Bearish
Timeframe : Weekly
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this EDP RENOVAVEIS chart shows a sharp bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators scanner does not detect any result on moving averages that would impact this trend.
An assessment of technical indicators does not currently provide any relevant information on the direction of future price movements.
But beware of excesses. The Central Indicators scanner currently detects this:
RSI indicator: bullish divergence
Type : Bullish
Timeframe : 1 hour
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : 1 hour
MACD crosses UP its Moving Average
Type : Bullish
Timeframe : 1 hour
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found this result:
Near support of channel
Type : Bullish
Timeframe : 1 hour
The presence of a bullish Japanese candlestick pattern detected by Central Candlesticks that could cause a very short term rebound was also detected:
Bullish engulfing lines
Type : Bullish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 6.892 | 8.730 | 12.784 | 13.025 | 13.465 | 13.885 | 14.450 |
| Change (%) | -47.09% | -32.98% | -1.85% | - | +3.38% | +6.60% | +10.94% |
| Change | -6.133 | -4.295 | -0.241 | - | +0.440 | +0.860 | +1.425 |
| Level | Intermediate | Major | Intermediate | - | Minor | Major | Minor |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 12.305 | 12.620 | 12.790 | 13.105 | 13.275 | 13.590 | 13.760 |
| Camarilla | 12.827 | 12.871 | 12.916 | 12.960 | 13.005 | 13.049 | 13.093 |
| Woodie | 12.233 | 12.584 | 12.718 | 13.069 | 13.203 | 13.554 | 13.688 |
| Fibonacci | 12.620 | 12.805 | 12.920 | 13.105 | 13.290 | 13.405 | 13.590 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 11.572 | 12.353 | 12.842 | 13.623 | 14.112 | 14.893 | 15.382 |
| Camarilla | 12.981 | 13.097 | 13.214 | 13.330 | 13.446 | 13.563 | 13.679 |
| Woodie | 11.425 | 12.280 | 12.695 | 13.550 | 13.965 | 14.820 | 15.235 |
| Fibonacci | 12.353 | 12.839 | 13.138 | 13.623 | 14.109 | 14.408 | 14.893 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 9.360 | 11.970 | 13.510 | 16.120 | 17.660 | 20.270 | 21.810 |
| Camarilla | 13.909 | 14.289 | 14.670 | 15.050 | 15.430 | 15.811 | 16.191 |
| Woodie | 8.825 | 11.703 | 12.975 | 15.853 | 17.125 | 20.003 | 21.275 |
| Fibonacci | 11.970 | 13.555 | 14.535 | 16.120 | 17.705 | 18.685 | 20.270 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 37.09 | |
| MACD (12,26,9): | -0.1590 | |
| Directional Movement: | -17.137 | |
| AROON (14): | -78.571 | |
| DEMA (21): | 12.950 | |
| Parabolic SAR (0,02-0,02-0,2): | 13.289 | |
| Elder Ray (13): | -0.100 | |
| Super Trend (3,10): | 13.316 | |
| Zig ZAG (10): | 13.030 | |
| VORTEX (21): | 0.7720 | |
| Stochastique (14,3,5): | 11.13 | |
| TEMA (21): | 12.931 | |
| Williams %R (14): | -79.82 | |
| Chande Momentum Oscillator (20): | -0.300 | |
| Repulse (5,40,3): | 0.2020 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1800 | |
| Courbe Coppock: | 3.96 |
| MA7: | 13.481 | |
| MA20: | 14.056 | |
| MA50: | 15.769 | |
| MA100: | 15.729 | |
| MAexp7: | 13.026 | |
| MAexp20: | 13.171 | |
| MAexp50: | 13.454 | |
| MAexp100: | 13.761 | |
| Price / MA7: | -3.38% | |
| Price / MA20: | -7.33% | |
| Price / MA50: | -17.40% | |
| Price / MA100: | -17.19% | |
| Price / MAexp7: | -0.01% | |
| Price / MAexp20: | -1.11% | |
| Price / MAexp50: | -3.19% | |
| Price / MAexp100: | -5.35% |
Quotes :
-
15 min delayed data
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Euronext Lisbonne
News
The last news published on EDP RENOVAVEIS at the time of the generation of this analysis was as follows:
- EDP Renewables North America Announces Operations Commencement of Sharp Hills Wind Farm in Alberta, Canada
- EDP Renewables North America Launches the Close the Loop Program
- EDP Renewables net profit increases to 467 million euros in the first nine months of 2023
- EDPR NA Distributed Generation Launches 23 MW Solar Plus 60 MWh Storage Project for Mohave Electric Cooperative
- EDP Renewables and NIPSCO Enter Into Long-Term Agreement for the 198-Megawatt Carpenter Wind Farm in Indiana
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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