The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 5/17/2024 -
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CenterPoint Energy (CNP) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtPrice is near the Fibonacci 61.8% retracement levelPrice is near the Fibonacci 23.6% retracement level
Daily :Williams' Percentage Range is strongly overboughtStochastic signal line moved below overbought areaLane's Stochastic and MACD bearish divergenceTrend support at 30.68The price touches the upper Bollinger Band
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It was a fifth consecutive positive week for the CenterPoint Energy (CNP). During the week, the CNP gained 0.38 points, or 1.28%, and closed at 30.08 on Friday, May 17, 2024. Weekly volume was -19% below 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 downtrend had started on September 23, 2022 at 33.50 and reached 25.03 on October 13, 2022. CNP lost 8.47 points, or 25.28%, in 2 weeks. Price is near the Fibonacci 61.8% 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 13, 2022 at 25.03 and reached 31.52 on December 1, 2022. CNP gained -6.49 points, or -25.93%, in 7 weeks. Price is near the Fibonacci 23.6% retracement level.

Weekly Technical Indicators: [See CNP weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

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 near its high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 April 16, 2024 at 26.90 and reached 30.15 on May 16, 2024. CNP gained -3.25 points, or -12.08%, in 30 days. The chart has formed a Rising Wedge chart pattern. The price is near the trend support (30.68) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a short-term trend.

Daily Technical Indicators: [See CNP daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is above its signal line since April 18, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

The price touches the upper Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.63
Williams' Percentage Range (W%R) 9.40
Strong Overbought
Lane's Stochastic (%D-Slow) 72.77
Bearish
Greed/Fear Indicator (GFI) 78.98
Moving Average Converg./Diverg. (MACD) 0.40 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 69.47
Williams' Percentage Range (W%R) 5.20
Strong Overbought
Lane's Stochastic (%D-Slow) 82.55
Overbought
Greed/Fear Indicator (GFI) 78.67
Moving Average Converg./Diverg. (MACD) 0.00
Trading Signals
Description Value Chart
Weekly Trendline Support 30.68
Price 30.08
Weekly Trendline Resistance 30.07
Upper Bollinger Band 30.07
Daily Stochastic Crossing 29.95
Weekly Stochastic Crossing 29.88
Parabolic System 29.52
20 Day Moving Average 29.41
Lower Bollinger Band 28.61
50 Day Moving Average 28.55
Sector and Industry
Description Name Rank
Sector Utilities 12
Industry Multi-Utilities 114
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 29.25
Low Date 05/06/2024
High 30.15
High Date 05/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Support
Resistance 30.07
Support 30.68
Low 26.90
Low Date 04/16/2024
High 30.15
High Date 05/16/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 25.03
Low Date 10/13/2022
High 31.52
High Date 12/01/2022
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.50
High Date 09/23/2022
Low 25.03
Low Date 10/13/2022
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 11.58
Low Date 03/19/2020
High 33.50
High Date 09/23/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.