CNP unable to break through key resistance level


Technical Analysis Report for CNP - May 17, 2018 [1 min read]
Highlights
CNP unable to break through key resistance level
CNP closes lower for the 4th day in a row
CNP ends the day on a bearish note closing near the low of the day
CNP breaks below previous session low
CNP falls to lowest close since April 26th
TQ Sentiment
Technical Forecast:
Overview

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 chart for CNP
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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