Daily Stock Report

Duke Energy Corp. - (DUK) - May 25, 2022

With utilities attracting renewed interest this year, electric power producer Duke Energy (DUK) has been climbing back up the rankings in the SIA S&P 100 Index Report. Earlier this year, DUK snapped out of a long-term relative strength downtrend and has recently returned to the Green Favored Zone for the first time since December of 2018 (and prior to that, August of 2016). Yesterday, DUK finished in 24th place, up one position on the day.   

For the last two years, Duke Energy (DUK) has been under accumulation, steadily advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Each time the shares have broken out to the upside, the previous resistance level has reversed polarity to become new support 

Back in March, the shares broke through the top of a $95.00 to $107.50 range and recently have been trading between $107.50 new support and $116.00 initial resistance. Measured moves suggest potential resistance may also emerge on trend near $120.00 and then $124.50. 

After spending eight months consolidating around the $100.00 level, Duke Energy (DUK) has been under renewed accumulation lately. An April breakout over $108.05 completed a bullish Spread Double Top pattern, confirmed a previous Double Top breakout, achieved a new all-time high, and signalled the start of a new advance. Since then, the shares have remained under accumulation, extending the current column into a bullish High Pole 

A cluster of vertical and horizontal counts suggests potential upside resistance could appear near $131.70, then the $137.00 to $139.75 area. Initial support appears near $105.95 based on a 3-box reversal.  

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

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