The price of Entergy (ETR) has been showing improvement from a September low, and today's upgrade by TheStreet's Quant Ratings service dovetails with an improving technical picture.
The price of ETR has been rising, and was strong in January and February. Many other stocks have been hit with waves of selling during this time frame. ETR is now above the rising 50-day and 200-day moving averages. The 50-day is about to cross the 200-day average on the upside, generating what is often referred to as a "golden cross." This positive technical signal underscores a more positive-looking chart. The On-Balance-Volume (OBV) line is rising, telling us buyers have become more aggressive. The MACD oscillator is moving up and firmly above the zero line.
This longer-term chart, above, of ETR shows prices above the 40-week moving average during the past four weeks. The OBV line is flat to slightly improving, and the MACD oscillator gave a "cover shorts" signal in September. The Moving Average Convergence Divergence (MACD) oscillator is rapidly moving up to the zero line, which is often considered an outright buy signal. Traders could go long or add to longs on any shallow dips. Only a move below $69 would call into question the bull case now.