Great Plains Energy (GXP) is breaking out of a double bottom pattern from the $24 level, which should carry prices high enough to challenge the highs for the year.
In the first chart of GXP above, we can see the double bottom made in July and September. Projecting the height of this pattern upward from the breakout point yields us a target of around $30.50.
This chart also shows the improving On-Balance-Volume (OBV) line and the positive position of the moving averages. Prices of GXP are above the 50- and 200-day moving averages, and the 50-day average could soon close above the 200-day average, generating a "golden cross."
In this longer chart of GXP, we can see it is above its rising 40-week (200-day) moving average and that the OBV line has been rising steadily. Both are longer-term positives.
A weekly close above $30 opens up a longer-term price target of $36 for GXP.