A breakout for Algonquin Power & Utilities Corp. (TSX:AQN) above the horizontal resistance line would complete the bottoming process and suggest a continuation of the uptrend
Dwight Galusha | July 21, 2021 | SmallCapPower: Algonquin Power & Utilities Corp. (TSX:AQN) is pushing up against the underside of horizontal resistance as price action attempts to breakout from a falling wedge pattern. This setup could be considered a bottoming pattern within an uptrend. A breakout above the horizontal resistance line would complete the bottoming process and suggest a continuation of the uptrend.
Algonquin Power owns a portfolio of long-term contracted wind, solar and hydroelectric generating facilities, representing over 2 GW of installed capacity and more than 1.4 GW of incremental renewable energy capacity under construction.
Through its business groups, the Company provides rate-regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 805,000 customers.
It also owns regulated water and energy utilities in the United States through Liberty Power and Liberty Utilities. Liberty Power owns a direct or indirect equity interest in more than 35 clean energy facilities. Algonquin Power has approximately US$11 billion of total assets.
The Company also pays a 4.3% dividend and has a 10% to 15% annual growth outlook for the next four to five years.
Dwight Galusha is a Chartered Market Technician (CMT) whose work can be found at www.SetYourStop.com
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