Dominion Energy Tests Key 59 Resistance After 0.34% Gain As Indicators Show Bullish Trend

Dominion Energy Technical Analysis
Dominion Energy (D) closed at $58.45 on July 31, 2025, posting a 0.34% gain. The following technical analysis synthesizes key indicators to assess potential price direction.
Candlestick Theory
Recent sessions show indecision near the $58.50 resistance level. The July 31 candle formed a small bullish body ($57.53 low to $58.51 high) after a Hammer pattern on July 29 ($57.89 low), suggesting accumulation. Strong support emerges at $57.50, aligning with the June consolidation base. Resistance remains firm at $59.00 (July 30 high), which has capped multiple breakout attempts since May. A confirmed close above $59.00 would signal bullish continuation.
Moving Average Theory
The 50-day MA ($57.20) crossed above both the 100-day ($56.80) and 200-day MA ($55.90) in early July, confirming a bullish long-term trend. Current price trades above all three averages, with the 50-day acting as dynamic support. The positively sloped 200-day MA underscores strengthening institutional interest. Golden Cross formation (50>200) remains intact since June, supporting the intermediate uptrend.
MACD & KDJ Indicators
MACD (12,26,9) shows bullish momentum with the histogram in positive territory for three consecutive weeks. However, KDJ (9,3,3) presents a divergence: the %K line (78) and %D line (75) are approaching overbought territory while price struggles to break $59.00. This hints at near-term exhaustion. The MACD’s sustained positive trajectory outweighs KDJ’s warning, but consolidation appears probable before further upside.
Bollinger Bands
Bands narrowed significantly in July (20-day band width at 5% vs. 15% in April), reflecting declining volatility. Price currently rides the upper band ($58.20), typically suggesting overextension. Band contraction near resistance often precedes directional breaks. A decisive close above the upper band (target $59.50) or rejection toward the midline ($57.00) would clarify the next move.
Volume-Price Relationship
Volume spikes validated key reversals: the April 9 rally (+5.22%) occurred on 9.8M shares (150% above average), confirming accumulation. Recent resistance tests at $59.00 (July 24, 30) saw volume decline 30% below average, indicating weak conviction. Support retests at $57.50 (July 28, 29) attracted above-average volume, establishing a demand zone.
Relative Strength Index
The 14-day RSI reads 62, in neutral territory but trending upward. It held above 50 throughout July, confirming bullish momentum. Note divergence with the June peak: RSI reached 70 on June 1 but only 62 at the current higher price high, signaling slowing momentum. Though not oversold/overbought, failure to breach 70 during resistance tests warrants caution.
Fibonacci Retracement
Using the 2024-2025 swing high ($61.97) and low ($48.07), key levels emerge. The 61.8% retracement ($57.10) held as support in June-July. Current price nears the 78.6% level ($59.00), aligning perfectly with horizontal resistance. The confluence of technical and Fibonacci resistance at $59.00 makes this a critical breakout threshold. A successful breach would target the 100% extension at $61.97.
Confluence & Divergence
Strong confluence exists at $57.00-57.50 (50-day MA, Fibonacci 61.8%, volume-based support). Bullish alignment of MACD, moving averages, and RSI>50 contrasts with bearish divergences: KDJ overbought signals, RSI momentum lag, and low-volume resistance rejections. The Bollinger Band squeeze and Fibonacci resistance at $59.00 create a pivot zone requiring resolution. Probable outcomes include either consolidation near $58.00 before an upside breakout or a short-term pullback to retest $57.00 support. Volume confirmation will determine sustainability.