Electric and natural gas utility Constellation Energy (CEG) quickly shot up the rankings in the SIA S&P 500 Index Report following its debut in February and has been on the Green Favored Zone since April. On Friday, the shares jumped 14 positions to 2nd place as the shares popped 10.1% on the back of a strong earnings report.
Rallying up off of channel support, two breakaway gaps in the last two weeks signal that Constellation Energy (CEG) shares have come under accumulation. On Friday, the shares broke out to a new all-time high, signaling the start of a new upleg.
Based on a measured move from the previous $53.00 to $68.00 trading range, next potential measured resistance may appear near $83.00, with some initial resistance possible near the $75.00 round number. Initial support moves up to the $68.00 breakout point from $65.00.
A major breakout is underway in Constellation Energy (CEG) shares. Following their debut in February, the shares staged an initial surge, then consolidated their gains for three months. Recently the shares have come under renewed accumulation, completing bullish Triple Top and Spread Triple Top breakouts, building a bullish High Pole, and soaring to new highs.
Based on horizontal counts, initial resistance appears near $77.25, followed by $92.25. Initial support appears near $68.55 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, CEG is exhibiting strength across the asset classes.
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