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- 1 The stock price of CNA has experienced a bullish rally since the middle of 2020, see if it will continue.
- 2 The company has brought back dividends after 4 years. Find out what is the dividend per share in the article
- 3 The RSI has passed the overbought zone. See how much strength is left in the bulls
Centrica Plc (LON: CNA) is a publicly traded company that is listed on the London Stock Exchange. The company provides energy supply and services through various segments, including British Gas Services and Solutions, British Gas Energy, Bord Gáis Energy, etc. CNA is a mid to large-cap stock with a market cap of £9.27 Billion.
How did the CNA stock make a heroic return?
When the COVID-19 crisis hit in April 2020, the energy stock hit its rock bottom of £29.1. However, soon the market realized that the stock had become too cheap and needed some corrections. It created a slight but long-term bullish rally, which is still in the same phase. The CNA stock price is now touching its 3-year high of £172.
While the investors decided to make a comeback, the management also helped them through with the half-yearly and annual reports. In the earnings report for the year 2021, the firm showed a revenue increase of 20%. Fast forward to 2022, the revenue reported was £23 Billion and it is another 61% increase.
Furthermore, the firm brought back dividends in 2022, after 4 years. During that year, the management announced a dividend per share of £0.03 that made up the dividend yield of 3.11 despite the negative net income in that year.
Technical Analysis and Prediction of CNA Stock Price
At present, the CNA stock price is trading at the level of £172. The current bullish phase seems strong as it is breaking every resistance in its way. However, the immediate resistance is situated at the level of £185 and the support level for the fall is at £156.
Moreover, the RSI has crossed its overbought levels of 70 and it is currently rocketing at 92. It shows strength in the bulls. As the current trend is overvalued, selling can occur anytime
On the other hand, the MACD line is long past its neutral zone of zero. At present, the MACD line has created a bullish crossover with its EMA back at the end of this August. The MACD line is at the level of 8.05 while its EMA is at 7.09
Conclusion
Centrica Plc (LON: CNA) is a London Stock Exchange-listed company. It provides energy supply and services. The CNA stock price hit its bottom in 2020. However, it rebounded after the bulls made a bullish rally with the support of a positive earnings report. At present the stock is in an uptrend with the indicators showing an overly demanding situation
Technical levels
Support: £156 and £137
Resistance: £185 and £197
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets and stocks comes with a risk of financial loss.
Saurav Bhattacharjee is in charge of the Broadcast development team of The Coin Republic.
He has been covering the Metaverse and NFT niche for the past 2 years.
With stellar interviews on his portfolio like Nicehash, Paxful, WallstreetWolvesNFT, Bitholla, Totemfi, EOS.io etc. Saurav has spearheaded the NFT SUPERSTARS AWARD and successfully hosted the first award in 2021.
