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.
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.