Constellation Energy Corp (NASDAQ:CEG) stock is up 8% before the bell, after the utility company signed a 20-year agreement with Google to bring 890 megawatts of nuclear energy to the PJM power grid. Google's total investment will amount to over $4.3 billion. Alphabet (GOOGL) is up 0.4% in response.
CEG is poised to eat into its 24.2% year-to-date deficit today. The shares have carved a channel of lower lows since an Oct. 15 record high of $412.70. The most recent rally attempt was thwarted by the stock's overhead 320-day moving average.
Keep an eye on the equity's 14-Day Relative Strength Index, curling upwards at 63 and at its highest level since the rejection at the 320-day trendline earlier last month.
Options traders have been betting bearishly. CEG's 10-day put/call volume ratio of 1.10 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 87% of readings from the past year. Echoing this, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.48 stands in the 94th percentile of annual readings.
