July 23, 2010
Shares of the Sempra Energy (NYSE: SRE) have broken out above resistance. Share prices should have higher highs ahead.
Sempra Energy lost some 23% in 2010 as shares dropped from a high of $57 to bottom at $43.91 in intra-day trading on May 25.
The broad market rally on Thursday, July 22 boosted Sempra’s shares by over 2% to $50.35 at the close.
This closing high was above the prior rally’s high of $50.10 reached on June 18. This is a breakout for shares of Sempra Energy which are well above their 50-day moving average but remain a fraction below their long-term 200-day moving average.
Shares of Sempra Energy should reach at least $52.13 in this advance. A close above $52.13 would likely result in an advance that tests the old highs at $57 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in Sempra Energy.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in Sempra Energy.