Daily Stock Report

Pacific Gas & Electric Co - (PCG) - October 5, 2022

California utility Pacific Gas & Electric (PCG) returned to the SIA S&P 500 Index from a long absence last week in the Green Favored Zone. Yesterday it jumped 15 positions to 17th place. 

A major breakout is underway in Pacific Gas & Electric (PCG) shares. For the last 2½ years, PCG had been trending sideways between $8.00 and $13.00. Back in June, the shares successfully tested support near $10.00 and since then, they have been under renewed accumulation, establishing an uptrend of higher lows, and regaining their 50-day average. A big volume spike on returning to the S&P 500 Index last week signaled renewed investor interest. Yesterday, PCG blasted through $13.00 to signal the start of a new uptrend. 

Based on measured moves and previous highs, potential upside resistance may appear near $16.00 or $18.00, then the $20.00 round number. Initial support appears near the $13.00 breakout point, then the 50-day moving average near $12.15.  

This 3% chart highlights the significance of the current breakout in Pacific Gas & Electric (PCG) shares. PCG sold off dramatically between 2017 and 2019 then staged an initial bounce and retreat in 2020. For the last two years, PCG has been trending sideways between $8.00 and $12.50. Yesterday, PCG successfully completed its base building process with a bullish Triple Top breakout and the snapping of a long-term 45-degree downtrend line that traced back to the 2017 peak. 

With a new recovery trend underway, initial resistance appears near previous column highs and lows in the $17.40 to $18.50 range, then the $20.00 round number, and $20.80 based on a vertical count. Initial support appears near $12.60 based on a 3-box reversal.    

With a perfect SMAX score of 10, PCG is exhibiting strength against the asset classes. 

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