CEG -Falling Wedge Breakout -Daily

21 de set. de 2024

This chart depicts **Constellation Energy Corporation (CEG)** on NASDAQ with a daily timeframe. Here's an analysis of the current price action:

### Key Observations:

1. **Falling Wedge Breakout:**
- The stock has broken out of a **falling wedge pattern**, a bullish signal. The wedge starts around the high in May 2024, with a steady decline until early September.
- The breakout occurred with strong momentum, as evidenced by the sharp price rise to **$254.98**, signaling the potential start of a new uptrend.

2. **Cup and Handle Formation:**
- A **Cup and Handle** pattern is visible, a bullish continuation pattern that suggests more upside is likely after the breakout.
- The "cup" spans from June to August, followed by a smaller "handle" in September.

3. **Targets:**
- After breaking above the **$199.59** resistance level, the first measured move shows a potential gain of **22.23%** from this breakout level, targeting **$276.11**.
- If this move plays out, the next target is an additional **38.48%** increase, aiming for **$276.11**, indicating the potential for further gains.

4. **Support Levels:**
- If the breakout fails or a pullback occurs, immediate support lies at the **$199.59** level, which coincides with the bottom of the wedge.
- A deeper pullback could find support near the **$120.00** level.

5. **Volume Surge:**
- There was a significant increase in volume during the breakout, with **15.031M** shares traded, signaling strong buying interest and conviction behind the move.

### Conclusion:
- The breakout from both the **falling wedge** and the **cup and handle** patterns suggests a strong bullish outlook for Constellation Energy. Immediate targets are **$276.11**, with potential upside to **$280.00**, while **$199.59** serves as the nearest support.