U.S. Markets closed

XLU: What Utilities’ Chart Indicators Suggest

Vincent Kruger
XLU: What Utilities’ Chart Indicators Suggest

Utility stocks have shown a solid uptrend since early June. In fact, utilities gained momentum after the Fed delivered a rate hike in June. Currently, the Utilities Select Sector SPDR ETF (XLU) is trading 4% above its 50-day moving average and 3% above its 200-day moving average. These moving average levels around $51.32 and $51.55 are expected to act as a support in the near term. XLU closed at $53.3 on August 3.