Comeback for Constellation Energy?Constellation Energy has been powering down for the last month, but now some traders may think the electricity stock is ready for a comeback.
The first pattern on today’s chart is the weekly close of $297.49 on May 23. CEG tested and held that zone several times in early June. Prices returned to that level last week and are now bouncing. That may suggest old support remains in effect.
Second, the 100-day simple moving average is rising through the same area on the chart. That may confirm a longer-term uptrend.
Third, stochastics are turning up from an oversold condition.
Next, CEG has pushed back against a falling trendline and the 21-day exponential moving average. That could reflect more bullishness in the short term.
Finally, investors may refocus on big-picture points. First, there are hopes of rate cuts after producer price inflation was lower than expected. Second is the ongoing AI buildout (with all the associated demand for electricity) following Oracle’s NYSE:ORCL strong guidance last night.
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