Daily Stock Report

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. 

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