Constellation Energy (CEG)

Constellation Energy (CEG) has invalidated the breakout from the bullish cup-and-handle pattern highlighted in this blog on November 20, 2025, and previously discussed in the September 13, 2025 The Stock Pulse.

So now what?

The breakdown below the neckline at 352, the early November higher low at 324, and the zone of the rising 13-, 26-, and 40-week moving averages (WMAs) from 326 to 347 invalidates the bullish cup-and-handle setup. Former support has now shifted to resistance.

As a result, the technical backdrop for CEG has become more challenging. Any rallies that stall below—or within—the 324 to 352 zone (broken supports and declining WMAs) would reinforce the bearish tone and suggest the stock remains in a corrective phase rather than resuming its prior uptrend.

Downside risk now centers on two key projection zones:

• 292–287: This level represents the 100% extension of the mid-October to early November decline projected down from the early December high, as well as the 50% retracement of the April–October 2025 rally. Note that CEG has tested this level.

• 257–237: This deeper support band aligns with the 61.8% retracement of the April–October advance and a 161.8% downside extension.

Adding to the concern, CEG has rolled over on a relative basis versus the S&P 500, confirming the absolute price weakness and signaling deteriorating leadership.

Chart 1: Constellation Energy (CEG) and relative to the S&P 500 (bottom)