Indications Suggest DUKE ENERGY CORP (NYSE:DUK) Could Be on the Verge of a Breakout.

Our stock screener has flagged DUKE ENERGY CORP (NYSE:DUK) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:DUK for potential movement.

Deciphering the Technical Picture of DUK

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

We assign a technical rating of 9 out of 10 to DUK. Both in the recent history as in the last year, DUK has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, DUK did better than 87% of all other stocks.
• DUK is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so DUK slightly outperforms the market at the moment.
• In the last month DUK has a been trading in the 113.81 - 121.47 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• DUK is an average performer in the Electric Utilities industry, it outperforms 68% of 46 stocks in the same industry.

Our latest full technical report of DUK contains the most current technical analsysis.

Why is DUK a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, DUK has a 7 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, DUK also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 116.31, a Stop Loss order could be placed below this zone.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade DUK and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.