August 11, 2010
Last we wrote that shares of Sempra Energy (NYSE: SRE) had broken out. On Tuesday, August 10 shares 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 close at $52.43.
Share prices should continue to move higher in coming days.
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.
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 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.