Watch These Constellation Energy Price Levels as Stock Surges on $26.6B Deal to Buy Rival

Acquisition and Market Impact - Constellation Energy announced a $26.6 billion deal to acquire rival Calpine, expanding its footprint in Texas, California, and the Northeast [2] - The transaction includes stock, cash, and the assumption of approximately$12.7 billion of Calpine's net debt [2] - Constellation Energy shares surged more than 25% on Friday following the acquisition announcement [2][10] Stock Performance and Demand Drivers - Constellation Energy shares have more than doubled in the last year and are up 36% year-to-date (YTD) as of Friday's close [3] - The company's stock performance is boosted by increasing power demand to meet AI computing resources [3] - Constellation Energy plans to restart the Three Mile Island Unit 1 nuclear plant in Pennsylvania to provide electricity for Microsoft's data centers [3] Technical Analysis and Price Targets - Constellation Energy shares broke out from a falling wedge pattern earlier this month and reached a new all-time high (ATH) on Friday [5][10] - The breakout occurred on the third-highest trading volume day since the company went public in early 2022, indicating strong buying conviction [5] - The relative strength index (RSI) confirms bullish momentum but also indicates overbought conditions, suggesting potential short-term profit-taking [6] - Bars pattern analysis forecasts an upside price target of around $350, approximately 15$280 level as a key support area during retracements [9][10] - A failure to defend the $280 level could lead to a pullback to around$236, where multiple support levels converge, including the 50-day moving average and the falling wedge pattern's upper trendline [11]