El Paso Electric's Future Looks Bright

 | Mar 28, 2016 | 3:23 PM EDT
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El Paso Electric (EE) seems to have it all: a good-looking price chart in a healthy uptrend and a yield equal to the 30-year Treasury.

In this chart of EE, above, we can see how prices turned up in September and have rallied over the 50-day and 200-day averages. Before prices turned up, we saw volume precede price with a low in the On-Balance-Volume (OBV) line in July. The Moving Average Convergence Divergence (MACD) oscillator is bullish, and the last dip on EE held at the rising 50-day moving average line, which acted as support.

In this longer-term weekly chart of EE, above, we can see how prices climbed into new high ground as they zoomed past $42. Notice the rising (bullish) 40-week moving average line, the bullish OBV line on a weekly time frame and the bullish MACD oscillator.  Next target or price objective for EE should be the half-century mark, or $50. Protect longs with a sell stop below $42.

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