Entergy Corporation (ETR stock) price is under selling pressure and is losing gains. The stock slipped below the crucial support and round mark of $100 into the demand zone near $95, where a bounce can be seen. The selling pressure was enormous, and buyers needed help to retain the swing mark of $100.
The price action shows that ETR stock has underperformed for the past months, persisted in forming lower lows, and noted a decline of over 25% in the last six months. Bears continue to make short positions.
ETR stock is trading below the key moving averages and near the lower bollinger band showing a negative outlook on the charts. Moreover, the stock has broken the support zone of $100 and is heading toward the channel lower end near $90. However, at $95, the chart indicates the demand zone where the stock may rebound to catch $100 in the following sessions.
At press time, ETR stock price is trading at $95.58 with an intraday gain of 1.01%, showing neutrality in yesterday’s sessions. Moreover, the trading volume remained at 1.656 Million while the market cap is $20.211 Billion. However, analysts maintained a neutral rating with a yearly target price of $114.50.
Entergy Corp. is a holding company engaged in electric power generation and distribution. It operates through the following segments: Utility and Entergy Wholesale Commodities.
The Utility segment includes the generation, transmission, distribution, and sale of electric power and the operations of a natural gas distribution business. The Entergy Wholesale Commodities segment owns, operates, and decommissions nuclear power plants and sells electric power. The company was founded by Harvey Couch on November 13, 1913, and is headquartered in New Orleans, LA.
ETR Stock is Near the Demand Zone On Daily Charts
On the daily charts, ETR stock price showed a massive decline in the past months and is now close to the demand zone near $90, where a bounceback can be seen in the following sessions. Moreover, the stock has corrected much, and a trend reversal might also happen.
As per the Fib levels, the ETR stock price is trading below 23.6% and is close to the breakeven zone. Moreover, the price is below the significant moving averages and near the lower bollinger band.
On the 4-hour charts, ETR stock suggests that the stock is willing to bounce and is looking to retest the swing near $100.
The RSI curve is in the oversold region, indicating a bounce in the following sessions. Moreover, the chart shows a negative divergence which resulted in a fall for the past sessions.
The red bars are beginning to disappear on the MACD as a crossover is imminent. However, it suggests a bounce and a recovery toward $100 in the following sessions.
Conclusion
Entergy Corporation (ETR stock) price persists in the fall inside the falling channel making lower lows on the charts. However, the chart favors sellers and indicates selling pressure on the charts for the past months. Furthermore, ETR share is close to the demand zone, and a bounce toward $100 can be seen in the following sessions.
Technical Levels:
Support Levels: $90 and $80
Resistance Levels:$100 and $110
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/17/entergy-corp-etr-stock-facing-selloff-will-it-recapture-100/