Public Service Enterprise Group, Inc. is a holding company, which engages in the provision of electric and gas services. The firm operates through the following two segments: Public Service Electric & Gas Co. (PSE&G) and PSEG Power.
Take a look at the 1-year chart of PEG below with the added notations…
Chart of PEG provided by TradingView
PEG shot higher back in March but has recently struggled to get past the $65 level (red). That mark has been tested as resistance multiple times over the past few months. Now that PEG has turned higher, the stock could be set to hit new highs in the coming weeks.
The Tale of the Tape: PEG has a 52-week resistance at $65. The ideal long position on the stock would be on a breakout above that level., with a stop placed below the entry point.
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!
Christian Tharp, CMT
Do not trade options until you watch my urgent message: