Technical Analysis Update on DTE Energy Company

Hi guys! Here’s an update of my technical analysis on DTE Energy Company that I posted last August 9 (kindly click here if you wish to see it). Back then, I mentioned that there is a triangle formation setting up and could be bound for a breakout. However, it hasn’t yet broken out or made a major move but instead maintained consolidating inside the triangle pattern. By the way, I’ve adjusted some support lines that’s why there are slight changes in the chart as you have noticed. Anyway, if the stocks break above the triangle’s resistance, it could head all the way up but could encounter some selling pressure at the $51.15 price mark. If $51.15 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, the 17-month uptrend could be a strong support. If it  breaks down from the uptrend, $46.67 could be the next support then $45.17.