CENTERPOINT ENERGY INC is setting up nicely for a breakout.

CENTERPOINT ENERGY INC (CNP)       28.18   -0.66 (-2.29%)

After market: 28.18 0 (0%)


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CENTERPOINT ENERGY INC is setting up nicely for a breakout.9 days ago - Chartmill

CENTERPOINT ENERGY INC (NYSE:CNP) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:CNP.

CNP Daily chart on 2022-09-23

Technical analysis of NYSE:CNP

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, CNP scores 7 out of 10 in our technical rating. In the last year, CNP was one of the better performers, but we do observe some doubts in the very recent evolution.

  • Looking at the yearly performance, CNP did better than 94% of all other stocks. We also observe that the gains produced by CNP over the past year are nicely spread over this period.
  • CNP is one of the better performing stocks in the Multi-Utilities industry, it outperforms 91% of 34 stocks in the same industry.
  • CNP is currently trading in the upper part of its 52 week range. This is a good signal, certainly because the S&P500 Index is currently trading in the lower part of its 52 week range.
  • The short term trend is negative, but the long term trend is still positive. So although the long term is still positive, this may be a trend turning.
  • Volume is considerably higher in the last couple of days.

Looking at the Setup

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CNP this score is currently 8:

Besides having an excellent technical rating, CNP also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 31.64, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:CNP

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:CNP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.

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