Holding support. Solid dividend as rates are being cut. People will lock these % in ( given the belief rates will be cut as quickly as the market expects-- with that in mind be careful with dividend names. They're highly dependent on rates- why own 5% dividend yield when 6 mo bonds were yielding the same? )
This seems like a great overbeaten utility to own for the upcoming recession.
This correction is on par for the other large corrections, its at a logical support, and the macro fits.
Trying to put in a bullish RSI divergence at the 2007 highs. If the utility sector does start to turn here (XLU bouncing off uptrend line dating back to 2010), I like this name long.
Watch for trend breakout.
Dominion Energy, Inc., commonly referred to as Dominion, is an American power and energy company headquartered in Richmond, Virginia that supplies electricity in parts of Virginia, North Carolina, and South Carolina and supplies natural gas to parts of Utah, Idaho and Wyoming, West Virginia, Ohio, Pennsylvania, North Carolina, South...
A completed Butterfly harmonic pattern ( and a broad market rally) caused a 12% bounce in Dominion Energy (D) from mid December 2022.
Additionally an earnings beat helped.
Another opportunity may be at hand as momentum has reverted to its previous Dec level and we have an extension of the original pattern
I have provided suggested targets if the price...
It looks like the D has been punished hard and despite the momentum turning around on MACD and RSI the price has been flat. I am expecting a test of the $65 gap down soon.
Dominion Energy Inc. long position
Dominian Energy Inc. stock is depressed and I think it is time to buy. Bloomberg analytics estimate about 18% surge in EPS 2022 Q4.
My trade levels
Entry: $61.67
Take profit: $70.63
Stop loss: $57.82
Risk/reward: 2.33
D is highly oversold here and would look to start a position for a short term bounce back to $72. Can go to long term support of $61 which would be a place to ADD to the position.
As you see on the chart we will have a continuity of an uptrend after the breakout with force the resistance and the vwap by a big green candle with a large volume. In other hand, we will have a downtrend if we have the breakout with force the support line by a big red candle with a large volume.Thanks.
D is sitting on key support.
Should the TEAL structure fail, D could shed nearly 20% of its value in the coming weeks.
Today's energy sector rally which based off of OPEC voicing the option of supply cuts gave the sector a boost today.
We'll be watching for a reversal and/or an opportunity to short if presented.
