Dow Jones Utilities Rally Testing 2022 Highs – Pullback or Breakout Ahead?

by Pelican Press
25 views 2 minutes read

Dow Jones Utilities Rally Testing 2022 Highs – Pullback or Breakout Ahead?

Utilities (NYSE:) stocks have been surging higher this year.

Once thought of as a conservative hedge-like allocation for investors, Utilities have been performing like tech stocks of late.

Can this rally continue?

Today, we draw your attention to a long-term “monthly” price chart of the  to highlight a potential fork in the road.

Dow Jones Utilities Index-Monthly Price Chart

As you can see, the Utes have been in a rising price channel (up-trend) for the past 15 years. You’ll also notice this year’s white-hot rally. But the recent rally has taken the Utilities back to the 2022 highs. And this looks like significant resistance.

Will be interesting to see how white-hot Utes handle 2022 highs. Pullback or breakout ahead? Stay tuned.




Source link

#Dow #Jones #Utilities #Rally #Testing #Highs #Pullback #Breakout #Ahead

Add Comment

You may also like