Monday, April 30, 2012
$NRG has been on my watch list for quite some time. Has a very strong channel that it has been trading between since last July. Hit the bottom line 4 times the middle line 3 times and the top line 3 times.
$NRG just broke above its middle trendline Thursday, had a slight pullback but bounce and brokeout today. Price target on this is $18.00.
If breaks above that upper resistance, could be a good hold, otherwise definitely a shortable opportunity.
One thing of Note: Original break through the middle trend line had higher than average volume, pullback had lower than average volume, and breakout today had average volume.
Disclosure: no position in $NRG