$NI #Short #stock #markets #utilities #down

NI has formed an ugly declining H&S . When the right shoulder is below the left shoulder, this is a good sign the stock will go down further. Looking at the MACD and OBV, both signal this is a stock in decline. I see support somewhere around $22.00. That number matches up with the November 2016 to February 2017 horizontal channel and the measure rule.

The weekly does not look good. look how much further the MACD still has to get below zero! Look at the OBV. It is down. This is not good stuff.


Same story for the monthly chart. We a lot further to go.

I know many have speculated that tax reform and regulatory relief will help utilities. It has and it might! However, I think the declining dollar, rising oil prices, rising inflation and investors thrust for growth stocks will all be serious headwinds.

Alas, i do not trade on fundamentals. I trade on the trend. The trend is down for this stock.
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