PAM: Bullish cup-and-handle breakout watch

6/19/2026 – Pampa Energia SA - ADR (PAM), an ADR for an electric utilities stock based in Argentina, is forming an early-2025 into mid-2026 bullish cup-and-handle pattern. A decisive rally above the pattern neckline at 90.30 would confirm this bullish setup and favor upside to 108-109 (100% extension and tactical pattern count) initially and then higher toward 126 (cup-and-handle target) and 133 (161.8% extension).

Upon clearing 90.30, we would gain additional bullish conviction on a move above 93.78-97.55 (61.8% extension of the September-December 2025 rally projected from the early-March low and the highs from December 2024 and January 2025).

Until this breakout occurs, defending the improving 13-, 26-, and 40-week moving averages (WMAs) near 83-81 would keep the immediate pattern constructive ahead of chart support near 78-77. If needed, the weekly upside gap from late October offers additional support at 74.20-64.80.

PAM remains in a holding pattern above its rising 200-WMA relative to the S&P 500 (SPX) and on its volume advance decline indicator (VAD). However, decisive rebounds above the 13-, 26-, and 40-WMAs on these indicators are required to increase conviction in PAM's developing bullish cup-and-handle pattern.

Chart 1: Pampa Energia SA - ADR (PAM) (top), relative to the S&P 500 (center), and volume advance decline indicator (bottom): Weekly chart

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