After Forming Bullish Double Top, Is Companhia Energética de Minas Gerais (CIG)’s Near-Term Analysis Positive?

Companhia Energética de Minas Gerais (NYSE:CIG) Logo

The chart of Companhia Energética de Minas Gerais (CIG) shows a double top with $3.31 target or 7.00 % above today’s $3.09 share price. The 9 months chart pattern indicates low risk for the $4.58B company. It was reported on Dec, 6 by If the $3.31 price target is reached, the company will be worth $320.39 million more. Double tops are rare but powerful chart patterns.

The stock decreased 3.13% or $0.1 during the last trading session, reaching $3.09. About 2.83M shares traded. Companhia Energética de Minas Gerais (NYSE:CIG) has declined 40.58% since December 6, 2017 and is downtrending. It has underperformed by 56.20% the S&P500.

More notable recent Companhia Energética de Minas Gerais (NYSE:CIG) news were published by: which released: “Why Companhia Energetica, Companhia de Saneamento Basico, and Petrobras Stocks All Popped Today – The Motley Fool” on October 02, 2018, also with their article: “Companhia Energtica de Minas Gerais – CEMIG 2018 Q2 – Results – Earnings Call Slides – Seeking Alpha” published on August 17, 2018, published: “3 Cheap Stocks Under $3 to Consider Now –” on June 14, 2018. More interesting news about Companhia Energética de Minas Gerais (NYSE:CIG) were released by: and their article: “Wells Fargo: Altria (NYSE:MO) Stock Is Extremely Cheap – Benzinga” published on November 26, 2018 as well as‘s news article titled: “Why Altria Wants to Buy a Piece of E-Cig Leader Juul Labs – Motley Fool” with publication date: December 05, 2018.

Companhia Energética de Minas Gerais, through its subsidiaries, engages in the generation, transmission, distribution, and sale of electricity in Brazil. The company has market cap of $4.58 billion. The firm generates electricity through renewable energy sources, such as water, wind, sun, and biomass; or non-renewable sources, including fossil and nuclear fuels. It has a 14.51 P/E ratio. As of December 31, 2016, it operated hydroelectric plants, thermoelectric plants, and solar plants with a total installed capacity of approximately 8,000 megawatts in 10 states of Brazil.

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