CenterPoint Energy CNP-N rallied from $11.58 in 2020 (not shown) to $33.50 in 2022 (A), slipped below the 40-week Moving Average shortly afterward (B), and then settled in a corrective trading range mostly between $25 and $31 for about two years (dashed lines). The recent rise above this range signaled a breakout and the start of a new uptrend (C).
Behavior indicators including the rising 40wMA confirm the bullish status. There is good support near $30-31; only a sustained decline below this level would cancel the current upside potential.
Point & Figure measurements provide targets of $38 and $43. The large trading range (dashed lines) supports higher targets.
stock
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com