Crescent Point Energy Corp - (CPG.TO) - March 22, 2024 (Daily Stock Report)


With Crude Oil climbing and holding above $80.00/bbl, energy stocks have been rallying and working their way up the relative strength rankings. Crescent Point Energy (CPG.TO), for example, has been moving up within the SIA S&P/TSX Composite Index Report starting in the red zone, moving up through the yellow zone this month and yesterday, returning to the Green Favored Zone for the first time since November.

In the last month, CPG.TO has climbed 78 positions to 56th place. Over that time, CPG.TO has rallied 14.4%, outpacing the S&P/TSX Composite Index’s gain of 4.3%. Back in February, Crescent Point Energy (CPG.TO) successfully retested channel support near $8.00. Since then, it has been on an upswing and under renewed accumulation, gaining ground in six of the last seven weeks, breaking through and holding above its 10-week moving average and retaking the $10.00 level which has reversed polarity to become initial support.

Initial upside resistance appears near $11.25. A close above that level would confirm the start of a new upleg with next resistance possible at the June 2022 peak near $12.00, then near $14.50 based on a measured move from the current trading range.

For the last two years, Crescent Point Energy (CPG.TO) shares have been trending sideways in a wide range between $7.00 and $12.50. Since September of 2022, pullbacks within the range have bottomed out at higher lows, a sign of significant underlying support. In the last month, the shares have gone on an upswing, completing a bullish Double Top breakout, and rallying back up above $10.00.

Previous column highs suggest potential upside resistance may appear near $11.30 or $12.50. $11.75 is also possible based on a horizontal count. Initial support appears near $9.85 based on a 3-box reversal, just below the $10.00 round number.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 6 out of 10, CPG.TO is exhibiting short-term strength against the asset classes.

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