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PG&E Corporation (NYSE: PCG) | The Mesh Report

PG&E Corporation (NYSE: PCG)

Christian Tharp, CMT June 27, 2019 Comments Off on PG&E Corporation (NYSE: PCG)

PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to residential, commercial, industrial, and agricultural customers in northern and central California, the United States.

Take a look at the 1-year chart of PG&E (NYSE: PCG) below with my added notations:

After bottoming out in January, PCG has rallied to a point where it has now created a key level of resistance at $25 (red). The stock has recently tested, and pulled back from, that level again, but a break through $25 should lead to another leg higher for PCG.

The Tale of the Tape: PCG has a key level of resistance at $25. A long trade could be made on a break above that mark with a stop set under it. Bearish trades could be made on rallies up to $25.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!

Good luck!
Christian Tharp, CMT



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