Centerpoint Energy, Inc, is seeing a new “Go” trend develop above prior resistance.
If we look at the GoNoGo Chart for $CNP, using daily prices, we can see that at the highs in April, a Go Countertrend Correction red arrow suggested that prices may struggle to go higher in the short term. Having corrected since then, we now see the consolidation pattern take the form of an ascending triangle. As we like to see, the GoNoGo components are adding weight to the traditional analysis. During the right side of the triangle, GoNoGo Oscillator rose to the zero line and a GoNoGo Squeeze grid rose to its max as momentum was neutral. The GoNoGo Squeeze was broken to the upside though and this momentum break was quickly confirmed by the GoNoGo Trend painting “Go” bars. We will look for price to try to set a new high.
