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Downtrend Broken Resist.Archive
- 7/19/2024 -
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CenterPoint Energy (CNP) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the CenterPoint Energy (CNP). During the week, the CNP dropped -1.33 points, or -4.39%, and closed at 28.97 on Friday, July 19, 2024. Weekly volume was 100% 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. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Medium-term trend: [See CNP medium-term trend chart]
A medium-term uptrend had started on October 3, 2023 at 25.42 and reached 31.57 on June 21, 2024. CNP gained -6.15 points, or -24.19%, in 37 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 27.20 and resistance is at 31.72. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See CNP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See CNP short-term trend chart]
A short-term downtrend had started on June 21, 2024 at 31.57 and reached 28.00 on July 15, 2024. CNP lost 3.57 points, or 11.31%, in 24 days. The price is now at the 27.17% retracement level.
Daily Technical Indicators: [See CNP daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since June 24, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
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 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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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