CNP unable to break through key resistance level
CenterPoint Energy (CNP) Technical Analysis Report for May 17, 2018
Moving lower for the 4th day in a row, CNP ended Thursday at 25.29 losing $0.21 (-0.82%) on low volume. Today's closing price of 25.29 marks the lowest close since April 26th. Closing below Wednesday's low at 25.44, the stock confirms its breakout through the previous session's low having traded $0.21 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (CNP as at May 17, 2018):
Thursday's trading range was $0.42 (1.65%), that's slightly below last trading month's daily average range of $0.50. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 24.99. Unable to break through the key technical resistance level at 25.59, CenterPoint Energy closed below it after spiking as high as 25.65 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 24.81, downside momentum might speed up should the share break out to new lows for the year. As prices are trading close to May's low at 24.99, downside momentum could accelerate should the market mark new lows for the month.