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Uptrend Broken SupportArchive
- 9/13/2024 -
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CenterPoint Energy (CNP) Technical Analysis
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| Summary:
| | Weekly :   | | Daily :
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| | It was a first positive week for the CenterPoint Energy (CNP). During the week, the CNP gained 0.65 points, or 2.38%, and closed at 27.93 on Friday, September 13, 2024. Weekly volume was 19% above average.
CNP 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 CNP long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 25.03 and reached 31.57 on June 21, 2024. CNP gained -6.54 points, or -26.13%, in 88 weeks. The chart has formed a Rectangle chart pattern. The trend support level is at 25.54 and resistance is at 31.76. A rectangle chart pattern is characterized as a short-term horizontal channel and represents a trading range and indecision area that is usually resolves in the direction of the main trend. Chart analysis usually considers a rectangle pattern a continuation formation, but it can also mark significant top and bottom. A rectangle pattern within younger parent trend has more chances to mark a continuation. Use the following link to access a Rectangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rectangle pattern in a long-term trend.
 Medium-term trend: [See CNP medium-term trend chart]
A medium-term downtrend had started on June 21, 2024 at 31.57 and reached 25.41 on August 15, 2024. CNP lost 6.16 points, or 19.51%, in 7 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (23.16) 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. CNP 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 medium-term trend.
 Weekly Technical Indicators: [See CNP weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. 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 Lane's Stochastic help.
The weekly MACD line is below its signal line since July 19, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See CNP short-term trend chart]
A short-term uptrend had started on August 15, 2024 at 25.41 and reached 28.07 on September 4, 2024. CNP gained -2.66 points, or -10.47%, in 20 days. The price is now at the 5.26% retracement level.
 Daily Technical Indicators: [See CNP 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. Use the following link to access Williams' Percentage Range help.
The daily MACD line is above its signal line since August 19, 2024. This is an indication that the short-term trend is up.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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