NYSE: DUK stock lost $1.57 of its trading price in the August 21 trading session. It opened trading at $90.80, lowered to $89.13, hit a high of $91.10, and closed trading at $89.63 with an intraday trading volume of 3.911 Million.
In 52 weeks, DUK stock’s highest trading price was $112.15 and its lowest traded at $83.76. Duke Energy Corporation has a market capitalization of $69.079 Billion, and its share’s average trading volume is 3.117 Million.
DUK’s share price declined over 4% weekly and lost 20.53% of its trading price in the 52 weeks. At press time, DUK stock was trading 14.36% below its annual price target.
DUK Stock Price Analysis
On August 21, DUK stock lost 1.72% of its trading value as the selling pressure restricted buyers from establishing their positions. A dominance of buyers was seen in the first half of Monday’s trading session, but by the end of the day, sellers re-established their positions and dragged the price downwards.
If sellers continue their dominance over buyers in the coming session, DUK stock price might decline further and face the immediate support at $88.57 and maybe even the next support at $87.58.
If buyers succeed in overruling sellers by the end of the August 22 trading session, then DUK stock price might face the immediate resistance at $91.45 and possibly the next resistance at $92.33.
According to TradingView, 769.67 Million Duke Energy Corporation shares are free-floating, and the remaining 1.037 Million shares are closely held by the company’s financial backers or the board of directors.
At press time, DUK shares were trading below the 50-day and 200-day exponential moving averages.
Duke Energy Corporation Earnings & Revenue
In Q1 2023, Duke Energy Corporation was supposed to report $6.58 Billion in revenue but impressing its investors, the company reported $7.28 Billion in revenue instead. Similarly, in Q2, the company was expected to report $6.16 Billion in revenue; however, it reported 6.58% more revenue than the estimated figures.
Despite positive revenue, Earnings Per Share (EPS) of the company reflected a steep decline in Q1 & Q2 2023. For Q1 2023, the expected EPS of the company was $1.26, but the company reported only $1.20.
In the financial year 2022, Duke Energy Corporation was expected to report $26.99 Billion in revenue, but the company beat expectations after reporting $28.77 Billion in revenue.
From the reported revenue of 2022, the company’s gross profit was 27%, earnings before interest, taxes, depreciation, and amortization (EBITDA) was 40%, earnings before interest and taxes (EBIT) was 22%, and its net income was 9%.
Conclusion
On August 21, DUK stock experienced a significant drop of more than $1 in its trading price, attributed to substantial selling pressure. This persistent decline has caused the breach of various nearby support levels. However, upon examining the technical elements of Duke Energy Corporation’s stock, there’s a possibility of a potential reversal on the horizon, likely near an initial support level.
Technical Levels
Major support: $88.57 and $87.58
Major resistance: $91.45 and $92.33
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/08/22/sellers-restrict-buyers-dominance-as-duk-stock-declines-by-4/