The Utilities Select Sector SPDR ETF (XLU), the representative of top utility stocks in the country, continued to rise. XLU is trading at $58.5, which is almost 4% and 7% above its 50-day and 200-day moving average levels, respectively. XLU crossed above its 200-day level in mid-January and has risen more than 10% since then. XLU’s 50-day moving average level close to ~$55.8 could act as a support in the short term.
Exelon (EXC) stock is trading almost at its ten-year high. The stock is more than 4% and 11% above its 50-day and 200-day levels, respectively. NextEra Energy (NEE), the biggest utility by market cap, is trading near an all-time high. The stock is 5% and 10% above its 50-day and 200-day levels, respectively.
Relative strength index
The recent rally in utilities has pushed XLU into the overbought zone. XLU’s RSI was 69 at the closing last week. Utility stocks have been trading in the overbought zone for more than a month. NextEra Energy and Exelon are trading with their RSIs close to 75 levels.
Utilities (VPU) at large exhibited implied volatility levels around 12% last week—close to the 15-day average. The implied volatility represents investors’ nervousness. SPY had an implied volatility of 14% on March 22, which was higher than its 15-day average. NextEra Energy and Exelon had implied volatilities of ~14% last week.
Exelon (EXC) has a median target price of $49.9 for the next 12 months. UBS raised Exelon's target price from $53.0 to $56.0 last week.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.