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SCANA Stock Is Weak: Daunting Times for Investors

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SCANA Stock Is Weak: Daunting Times for Investors PART 1 OF 4

SCANA’s Latest Chart Indicators and Short Interest

SCANA’s moving averages

Recently, SCANA (SCG) stock showed a marginal recovery, but it continues to trade near its six-year low. On November 9, 2017, SCANA stock rose 3.2% and closed at $44.60. Currently, it’s trading 16% and 31% below its 50-day and 200-day moving average levels, respectively. The huge discount to both of the key moving average levels indicates extraordinary weakness in the stock. Its 50-day moving average level at ~$51.41 is expected to act as a resistance for SCANA stock going forward.

SCANA’s Latest Chart Indicators and Short Interest

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Relative strength index

SCANA stock has its RSI (relative strength index) near 47—the highest in the last 14-day period. According to technical analysts, the stock is considered to be trading in the oversold zone when its RSI falls below 30, while it’s considered to be trading in the overbought zone when the RSI rises above 70. RSI levels at extremes indicate a possible reversal in the stock’s direction.

Short interest

According to a recent report, the short interest in SCANA stock fell 20% on October 31, 2017. The total shorted shares in SCANA were 4.23 million as of October 13, while they fell to 3.37 million as of October 31, 2017.

A fall in the short interest can indicate that fewer investors expect the stock to fall from its current levels.

SCANA is one of the biggest losers among the S&P 500 Utilities Index (XLU) this year. It has fallen nearly 40% year-to-date, while the Utilities Select Sector SPDR ETF (XLU) has risen 14% during the same period.

SCANA stock fell after the company decided to abandon its nuclear power plant in July. Its loss in 3Q17, the criminal probe into the nuclear plant’s rate recovery, and ousting the CEO pressured SCANA stock in the last few months.

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