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Utility Stocks Snap Back at Trader’s Narrative

Utility Stocks Snap Back

Yesterday I wrote about utility stocks being on sale. Today most of them gapped up in a technical snap back but finished the day poorly.

Still for nimble traders there was ample opportunity to take advantage of the short term oversold condition in this sector. Here are two charts from FPL Group (FPL) and Entergy (ETR) which are representative of what happened in this sector today:

entergy utility stock ETR.png

FPL Group utility stock FPL 5 min chart.png

We still have quite a ways to go to fully work out this oversold condition. Eventhough it won’t be straight up to new highs, this sector bears watching. Especially the high prices stocks which present good low risk opportunities when they contract in range and volatility.

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One Response to “Utility Stocks Snap Back”  

  1. 1 Utilities Update: No Intermediate Bottom in Sight

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