Currently, FirstEnergy (FE) stock is trading close to its four-year high. The company is trading at $40.4, which is ~4% and 8% above its 50-day and 200-day moving average levels, respectively. The fair premium to FirstEnergy’s simple moving average levels indicates strength in the stock. The levels close to $38.9 and $37.3 could act as a support for the stock in the short term. FirstEnergy stock hasn’t fallen significantly below its 200-day moving average in more than a year.
Relative strength index
The short interest in FirstEnergy stock fell 7% on February 15. On January 31, there were 28.2 million shorted shares in FirstEnergy. The total shorted shares fell to ~26.2 million on February 15.
A fall in FirstEnergy’s short interest might indicate that fewer investors expect it to fall from the current price level. The short interest represents investors’ unease. The short interest denotes the number of a company’s shares that have been sold short and not yet covered back.