utilities sector looking strong
daily timeframe shows positive trend strength and rising MA's
intermediate shows rising MA's with Short term MA slightly weakening
looking for pullback into support area of 81.00 area and bounce back to 81.60 area for a retest of resistance
obv showing positive volume pressure
Short term MA and VWAP working as dynamic resistance...
Running Alpha Capital Markets observes that higher rates are not always a headwind, as the not too distant record shows that the electric utilities group can outperform and offer a margin of safety.
During the last period of higher rates, from mid 2004 to mid-2006, the FOMC hiked rates 16 times, and despite these incremental actions, electric utilities actually...