The Southern Company - (SO) - August 4, 2022 (Daily Stock Report)

by SIACharts.com

 

 

American gas and electric utility provider The Southern Company (SO) shares entered the green favored zone for the first time since a long haul within the red unfavored zone. SO shares sat in the red unfavored zone of the SIA S&P 100 Index Report from March of 2020 for 2 years until March of this year when they entered back into the yellow neutral zone. Moving to the green favored zone on April 14th price has been range bound until last week when a break out of all time highs helped move SO into the 11th spot within the report.

The first half of June saw shares decline almost 14% before bottoming out and running back up to the all time highs of $76.53. On July 29th shares closed the day out making a new all time high and since have retested this area and made yet another all time high after yesterdays close.

Initial upside resistance based on the daily 100% FIB extensions is $80.31 and above that at the 161.8% FIB is $89.87. Initial support still sits at the tested breakout area of $76.00 and below that at $72.50 prior resistance.

 

After a large 14% rapid decline in the month of May, The Southern Company (SO) shares have come roaring back recovering the highs and taking them out last week. This can be seen in the 1% point and figure chart where it shows a confirmed double top breakout pattern.

Even though new all time highs have been made be cautious that price is currently approaching its initial resistance of $80.00 and that a three box reversal may occur before a further move higher based on past horizontal and vertical counts. The 3-box reversal support sits at $73.66 and below that there is support at $65.37. Higher resistance above if prices continue to move up is around $87.23.

With a perfect bullish SMAX score of 10, SO is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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