Breakout Should Continue in Sempra Energy (SRE)

08/12/2010 12:01 am EST

Focus: STOCKS

Recently, we wrote that shares of Sempra Energy (SRE) had broken out. On Tuesday, August 10, share prices posted a bullish outside trend continuation day.

On Tuesday, August 3, Sempra broke above congestion and closed at $51.36 a share.

On Tuesday, August 10, share prices broke above the 61.8% retracement of the entire February-to-June 2010 decline. This resistance level was at $52.13 and Sempra closed at $52.43.


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Share prices should continue to move higher in the coming days.

Sempra Energy lost some 23% in 2010 as shares dropped from a high of $57 to bottom at $43.91 in intraday trading on May 25.

Shares of Sempra Energy should test at least $57.00, the prior January 2010 highs, in this advance. Our target for Sempra is $57.00 per share.

By Frank Kollar of FibTimer.com

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