On Friday, we looked at a Daily Chart of Procter & Gamble Co. and noted that the stock had been making a series of higher highs and higher lows.
Today’s Chart of the Day is a 10-Month Simple Moving Average chart for Brookfield Renewable Partners LP (NYSE: BEP).
BEP owns a portfolio of renewable power generating facilities worldwide. The company generates electricity through hydro, wind, solar, cogeneration, and biomass sources. Its portfolio consists of approximately 17,400 megawatts of installed capacity.
Now, below is a 10-Month Simple Moving Average chart for Brookfield Renewable Partners LP
Back in January, the BEP 1-Month Moving Average crossed above the 10-Month SMA indicating BEP is on a PowerTrend ‘buy’ signal (circled).
Guess what happened next…
Prices rose steadily higher and haven’t stopped since.
If you had purchased BEP shares when the PowerTrend ‘buy’ signal occurred for the stock back on January 31st, when the stock was around $28.84, you’d be up 64.59% by now.
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Not a bad profit for a less-than-a-year-hold of a major utility company.
Now, as you can see, the 1-Month Moving Average is still above the 10-month SMA. That means the bullish trend is still in play!
As long as the 1-Month Price remains above the 10-month SMA, the stock is more likely to keep trading at new highs in the coming days and weeks.
We’ll be keeping our eye on this stock as it continues to trend upward so we’ll know the moment the market conditions shift and the stock begins to come back down.
Additionally, we’d like to talk about how a previous Chart of the Day stock has done…
On November 14th, we highlighted Taiwan Semiconductors MFG (NYSE: TSM), noting that the stock had pulled back, below the Upper Keltner Channel, offering a prime buying opportunity.
If you happened to have purchased TSM shares on that day, you’d already be up 3.98%.
But… if you had purchased the right option contract, you would be up 43.05% in less than one month’s time!