(Premium) January Utilities Outlook

Utilities have been rangebound on a relative basis, and they’re currently at the top end of that range. A breakout would likely come only if the stock market as a whole was falling back to the October lows.

AES Corp is one that offers an attractive opportunity from the long side. It’s currently battling overhead resistance at the 161.8% retracement from the 2020 decline. If it’s above that, we can target the next retracement at 40.

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