XLU Pair tradeI am monitoring a pair trade in XLU.
Long ATO
Short WEC
The overall XLU is looking weak but is heavily skewed. There's pockets of strength potentially setting up in some individual names.
WEC
WEC - BullflagAn unconventional bullflag, using a long term price up trend as the flag pole and recent more flat price action as the flag
From here price should break out like a normal bullflag should on a daily timeframe (I expect price action to become increasingly steeper)
$WEC Trend BreakoutBig weekly breakout from the downward trend on $WEC. This would be a utility play that corresponds to capital rotation into the sector (see $XAU1!).
WEC swingWe are breaking out of the cloud w the lagging indicator and setting up for a nice run. $95 calls on this set out to September are pretty cheap and will pAy nicely.
WEC Resistance turned SupportNYSE:WEC triggered a volatility alert this morning. The level it is at is a former Resistance that has been turned into confirmed Support. It is worth a long trade off this level.
WEC Technical Analysis 🧙WEC Energy Group's electric and gas utility businesses serve electric and gas customers in its Illinois, Michigan, Minnesota, and Wisconsin service territories. The company also owns a 60% stake in American Transmission Co. WEC's asset mix is approximately 52% electric generation and distribution, 33% gas distribution, 13% electric transmission, and 2% unregulated renewable generation.
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WEC Energy Group - WEEKLY Setup - Entry on DBL BottomWEC
ENTRY ON DBL BOTTOM 84.44 - 83.65
Cost Avg Down (CAD) = 79
1st Target = 382fib 93
2nd Target = 618fib 98
3rd target = 786fib at 102
4th Target = 106
HODL Target = 115+
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Good luck, happy trading and stay chill,
2degreez
