Pacific Gas Corporation (PCG:US) corrective structure likely has ended after a strong break above US$14.25 resistance turned support. Furthermore the overhead resistance has been broken. The ABC corrective wave has ended after the last leg of wave C has a terminal divergence with oversold signal by the midi-term stochastic and 23-period ROC.
Momentum indicators:
Long-term MACD is showing a potential bottoming crossover.
Stochastic oscillator has confirmed the oversold signal
23-period ROC shows a bullish divergence.
Earnings was previously bad after being hit by higher operating cost. However. after the bad NFP numbers, the Fed is likely to perform a rate cut, which in turn may benefit utilities based companies as financing cost may lower.
PCG may target 18.00 in the longer term period. 12.35 is the major support.
Momentum indicators:
Long-term MACD is showing a potential bottoming crossover.
Stochastic oscillator has confirmed the oversold signal
23-period ROC shows a bullish divergence.
Earnings was previously bad after being hit by higher operating cost. However. after the bad NFP numbers, the Fed is likely to perform a rate cut, which in turn may benefit utilities based companies as financing cost may lower.
PCG may target 18.00 in the longer term period. 12.35 is the major support.
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