On Dec. 31, 2021 (US$112.65), we identified a large horizontal trading range mostly between US$90 and US$113 (dashed lines). Entergy Corp. ETR-N (Friday’s close US$116.98) then settled in a narrower range between US$100 and US$113 and remained in this range for an additional three months after our report. The recent rise above US$114 confirmed a breakout from the trading range and the start of an up-trend toward higher targets (A).
Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. Entergy is currently in the midst of a minor correction toward the Average to provide a good entry level. Only a sustained decline below US$110 would be negative.
Point & Figure measurements provide targets of US$140 and US$150. The large trading range (dashed lines) supports higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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