TC Energy with a possible long with the trend

TC Energy operates a recession-resistant business model that creates very secure and steadily growing dividends. The company operates throughout North America, operating over 92,000 km. network of gas pipelines. Decades of cash flow growth make the company a great low-risk, high-yield investment idea, no matter the path it takes the economy. Good stock value creates an attractive high return profile. This makes TC Energy the right long-term investment product for uncertain times.

Weighing in on the ever-increasing demand for clean natural gas and the ongoing adjustment, we expect the stock price to continue its upward movement and current levels comfortable for long positioning.

We observe a long-term upward trend with minimal price fluctuations within the trend. The price is above its 50 and 200 period averages. Before the recent downward correction (wedge), the price rebounded after a bullish triangle. The previous pin bar is unconfirmed because of the higher closing of the next candle. Here we have a rebound of 38.2 Fibo. This is a prerequisite for occupying long positions with the trend, but the break in the key zone at 23.6 Fibo will be key to continue the upward movement to the zone at 53.36.

In the event of a divergence of the initial bullish valuation, we can alternatively expect the price to fall after the 38.2 area test and exit the upward movement. Please note that DeM has already given a sell signal and the price is coming out of its overbought area.

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