Maintain DUK for income and structural exposure at current levels without adding capital at $124.85, as price remains below the 10 EMA ($125.36) and 50 SMA ($125.48) with bearish technical signals including a death cross and MACD bearish crossover at -0.49. Implement pre-committed tiered entries anchored to a confirmed 200 SMA hold ($123.33 daily close with compressing MACD histogram), with flexible dividend reinvestment and a hard stop at $123.33 on a closing basis. The $10B equity raise creates ~10% share-count dilution and the P/E of 18.8 at historical highs offers no margin of safety against execution risk from NC regulatory friction, hurricane exposure, or credit concerns.