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Utilities Fell from ‘Overbought’ to ‘Oversold’ Last Week

Vincent Kruger
Utilities Fell from ‘Overbought’ to ‘Oversold’ Last Week

The recent weakness in the Utilities Select Sector SPDR ETF (XLU) has pushed it below its 50-day simple moving average level, which might concern investors. XLU is still trading 3% above its 200-day moving average level. The level at $52.5 is expected to act as crucial support for XLU in the short term. XLU closed at $53.8 last week.