SIACharts Logo

Commentary >

Crescent Point Energy Corp. - (CPG.TO) - January 6, 2022

In the month, since we last mentioned Crescent Point Energy (CPG.TO) in the December 8 issue of the Daily Stock Report, the shares have gained 10.5% and have continued to rise up the rankings within the Green Favored Zone of the SIA S&P/TSX Composite Index Report. Yesterday they jumped another 9 positions to 2nd place, up 48 spots in the last month.

This five-year weekly chart highlights just how technically important yesterday’s major breakout on volume by Crescent Point Energy (CPG.TO) is.

Not only have the shares ended months of sideways consolidation, they completed a long-term base, breaking out to their highest level since the summer of 2018 and confirming a previous bullish Ascending Triangle breakout.

With a new advance underway, measured moves suggest potential upside resistance in the $8.00 to $8.30 area, then the $9.80 to $10.00 zone. Initial support appears near the $6.80 breakout point.

Crescent Point Energy (CPG.TO) has kicked off 2022 with a bang, resuming its primary uptrend with a breakout to a new multi-year high, establishment of a new bullish High Pole, completion of a bullish Double Top pattern and confirmation of the previous bullish Spread Double Top breakout.

Based on horizontal and vertical counts, next potential upside resistance tests on trend appear near $8.20, $8.50, $9.80 and $10.20, the last two around the $10.00 round number. Initial support appears near $6.85 based on a 3-box reversal.

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

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.