Crescent Point Energy Corp. (CPG.TO) - August 9, 2023 (Daily Stock Report)


Crescent Point Energy (CPG.TO) has been trending upward within the relative strength rankings in the SIA S&P/TSX Capped Composite Index Report since March. In recent weeks, the shares have climbed back up into the Favored Zone for the first time since November. Yesterday, Crescent Point rose another 5 spots to 33rd place, and it is up 95 positions in the last month. A major breakout is underway in Crescent Point Energy (CPG.TO) shares. For the last year, the shares have been in consolidation mode, forming a Symmetrical Triangle of lower highs and higher lows. In recent weeks, the shares have resumed their long-term uptrend with a breakout over $10.00 which completed the triangle, and more recently, have confirmed the breakout by closing above $11.00 for the first time since May of 2022.

Initial upside resistance appears at the previous peak in the $12.50 to $13.00 area, followed by the $14.00 to $14.50 zone, which is based on measured moves. Initial support appears at $10.00, which is a retest of a recent breakout point.

Building on a rally which started in July, Crescent Point Energy (CPG.TO) shares have broken out to the upside this month, ending a year of consolidation and signaling the start of a new advance. Along the way, CPG.TO has completed multiple bullish patterns including a Double Top, Spread Double Top, and most recently, a Spread Triple Top.

Upside resistance tests on trend appear near $11.95 based on horizontal counts, the June 2022 peak near $12.90 and $13.70 based on a vertical count. Initial support appears near $10.20 based on a 3-box reversal, followed by the $10.00 round number.

With a perfect SMAX score of 10, CPG.TO is exhibiting strength across the asset classes.

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