CNP Breaks Pennant Resistance

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

Centerpoint Energy (CNP) is part of the electric utilities group. The defensive utilities sector has been struggling lately, but managed a gain in the face of Monday's market weakness.

Investors may turn to defense if the market weakens further. CNP surged with good volume in mid March and then consolidated with a pennant formation. Also notice that the stock established support with two big bounces around 8.5-9 (October and March). Today's pennant breakout occurred on good volume to signal a continuation of the March surge. The first move was around 2 points (8.7 to 10.7) and a similar move from pennant support would target an advance to around 12.

090427cnp
Arthur Hill
About The Author:

Arthur is Chief Technical Strategist at TrendInvestorPro.com. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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