A Lil’ Triangle in DTE Energy Company – July 13, 2010

DTE Energy Company or DTE as listed in the New York Stock Exchange is part of the electric utilities industry. Anyway, in its stock chart, there is a 2-month triangle formation. This could most likely be bullish as it’s coming from an uptrend. In case the triangle setup is already ripe and the price breaks above the triangle’s resistance, the next hurdle could be $51.15. If the $51.15 price mark gets cleared out, the next resistance could be $54.74. The possibility of the price breaking down from the triangle’s support is slimmer compared to the price breaking above the triangle’s resistance but in case it does, $44.93 could be the next support. If it further drops below the $44.93 marker, the next support could be $43.00.