- 1 Duke Energy stock price closed at $92.13 while witnessing a gain of 2.75% during the intraday session.
- 2 DUK stock price has surged above the 20-day exponential moving average.
- 3 The year-to-date return of Duke Energy is -10.73% while the one-month return is 2.34%.
DUK stock price closed at 2.75% after the release of the quarter 2 report, and it beat the consensus estimates of operating revenue. During the middle of July, the stock price became bullish and started to rise from the low of $89. The bullish move continued for days but as soon as the price reached near $96, it faced strong rejection.
The rejection shifted the trend to a bearish one and prices started to melt down in order to correct the bullish move. Recently, DUK stock price formed support at $89.30, a day before the report on the earning results.
If the bullish momentum persists, there is a possibility that the price might head toward the next resistance level of $96. On the other hand, if bears can break the support level of $88, it might melt down toward the next support level of $85.
Quarter 2 Report Of Duke Energy Corporation
The consensus estimated the revenue to be $6.156 Billion while the company reported a revenue of $6.578 Billion, resulting in a surprise of $421.779 Million (6.85%). The earnings per share was estimated to be $0.985 while it turned out to be $0.91, a surprise of -0.075 (7.59%).
The Quarter 2 adjusted earnings were reported from $1.09 in the previous year. Montauk renewal energy has recently signed a renewable energy certificate (REC) with Duke Energy Corporation for Montauk’s proposed waste-to-renewable energy facility in North Carolina, which will expand Duke’s renewal energy efforts in the state.
The cooler-than-usual weather in the first half of 2023 in regions serviced by the utility capped the consumers’ needs for electricity. A rise in interest rates also downgraded utility companies in quarter 2. Duke Energy paid 23.6% more interest than the previous year’s quarter.
Will Duk Price Sustain Bullish Momentum?
The stock price has climbed above the 20-day exponential moving average, indicating a rise in bullish momentum. However, the DUK price should be above it for a further rise. Chaikin money flow score has positively crossed the 0 mark and currently trades at 0.02, suggesting increased participation of buyers.
The relative strength index (RSI) has crossed the 50 neutral mark and currently trades at 50.22, implying the possibility of a further rise. The DUK stock price reached the lower band of Bollinger and initiated a rally to recover.
The stock price should cross above the 20-day SMA to head toward the upper band which resides near $96. There is a possibility of rejection from the 20-day SMA if bears start to enter the market.
The market structure and price action of Duke Energy have turned bullish after the release of the second quarter’s earnings results.
- Major support: $88 and $85
- Major resistance: $96 and $99.40.
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.