Technical Analysis of Financial Markets

Tuesday, July 17, 2007

Pinnacle West Capital Corp. (PNW)

Founded in 1920, Pinnacle West Capital, based in the US, operates through its subsidiaries as an electric utilities and energy services provider which also engages in real estate development and investment activities. Over the last 2-month period, the stock has sold-off 25% in value since Lehman bank cited regulatory threats within the utilities sector; see However, price action has recently pieced the descending trendline and may be forming a bullish Head & Shoulders trend-reversal formation. A long position at current prices with a stop-loss on close below the 52-week low of $39.17 poses minimal risk.

No comments: