CNP Update: The Wave of Support

These are the reason why I bought CNP and why I think now is the perfect entry again:
A few days ago, this stock made a strong move above the 34 EMA. Today the stock pulled back down to the 34 EMA line for the first time. I have plotted a 34 EMA on the close, the low and the high. I am calling this The Wave. Prices are above The Wave and The Wave is pointing upward, showing that we are in an uptrend. f you look at The Wave a few weeks ago we were below The Wave and prices kept bouncing on and off of it.

In the middle of The Wave there is also a 38.2% and 78.2% Fib. Convergence, which is support. It is always good to see convergence! Usually, short-term traders/swing traders and investors will come in and BUY at this Wave of Support, I like buying pullbacks.

The CCI 50 is above Zero, showing that we are in an uptrend. If everything goes well this week, we will get extra-extra confirmation on the small CCIs to confirm that our entry and timing was perfect, and make us feel extra safe. This could happen tomorrow or Thursday. Also, it is the end of the month and I expect to see a doji tomorrow on CNP; now, that would make me very happy if it happens, but let’s wait and see! But we have enough convergence and confirmation to enter and leave it alone.

If you have not sold and shorted TLT (the 20 year treasury stock) here is your second chance: A simple pull back strategy to The Wave in a strong downward trend. There is also a 38.2% Fib. Convergence there. A typical stop would be above the Wave where the purple circle is ($94). Look how the MACD is below Zero and the CCI 50 is also below Zero, ready to turn around this week!

What is strange is that I still feel extremely bearish about the stock market, yet I am going long, following technical things.