CNP closes higher for the 3rd day in a row
CenterPoint Energy Inc (CNP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CNP finished Thursday at 15.89 gaining $0.76 (5.02%), strongly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 15.75, the market confirmed its breakout through the prior session high after trading up to $0.48 above it intraday.
Daily Candlestick Chart (CNP as at Mar 26, 2020):
Thursday's trading range has been $1.21 (7.98%), that's below the last trading month's daily average range of $1.66. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CNP.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, CNP gained 11.01% on the following trading day.
Prices are trading close to the key technical support level at 14.66 (S1). Prices are trading close to the key technical resistance level at 17.16 (R1).
Though the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for CenterPoint Energy. Out of 467 times, CNP closed higher 49.25% of the time on the next trading day after the market condition occurred.