Daily Stock Report

Capital Power Corp. - (CPX.TO) - July 5, 2022

Back in May, Capital Power (CPX.TO) returned to the Green Favored Zone of the SIA S&P/TSX Composite Report following six months in the wilderness. Since then, it has continued to steadily move up the rankings, finishing yesterday in 5th place, up 1 spot on the day and up 30 positions in the last month.

Since the start of this year, Capital Power (CPX.TO) has been under accumulation, steadily advancing in a Rising Channel of higher highs and higher lows. A recent correction was contained by a successful retest of a previous breakout point near $43.00. Since then, the shares have resumed their upward course, regaining their 50-day average and advancing on $46.00 initial resistance. 

A breakout over $46.00 to a new high would signal that the current pause has ended and a new upleg has started. Should that occur, measured moves suggest potential resistance may appear in the $49.00-$52.00 area, around the $50.00 round number, then near $57.00 on trend. Initial support appears at the 50-day average near $44.00.

Following six months of consolidation, Capital Power (CPX.TO) resumed its upward course in March and completed a bullish Double Top breakout in May. Yesterday, Capital Power kicked off July in a big way, rallying to a new all-time high, and extending its breakout into a bullish High Pole. 

Based on vertical and horizontal counts, next potential upside resistance on trend appears near $50.65, $52.70, and $58.20. Initial support appears near $41.55 based on a 3-box reversal. 

With a bullish SMAX score of 8, CPX.TO is exhibiting strength against the asset classes. 

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