Atmos Energy Corp. (ATO) manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. The firm is scheduled to report its latest quarterly figures after the close of trading Wednesday. Let's review the charts.
In this daily bar chart of ATO, below, we can see that prices have rallied from the middle of June to retest the April highs. Prices successfully tested the rising 200-day moving average line in the middle of June. ATO is trading above the rising 50-day and the rising 200-day averages. The daily On-Balance-Volume (OBV) line shows improvement only from late June. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero-line but shows some recent narrowing.
In this weekly Japanese candlestick chart of ATO, below, we see a positive picture. Prices are in a strong uptrend -- the recent long white real body tells us that. The weekly OBV line is starting to move higher in June and July. The MACD oscillator is crossing to the upside for a new outright-buy signal.
In this daily Point and Figure chart of ATO, below, we can see an upside price target in the $141 area.
In this weekly Point and Figure chart of ATO, below, we see a $144 price objective.
Bottom line strategy: I have no idea what ATO is going to report to shareholders, but the charts are mostly constructive and I would trade ATO from the long side.
