NRG Energy
Wed, October 9, 2024 | 2:42PM ET
NRG1.94% and VST3.43% both lower by more than 4% today as the Power generation stocks start to retreat after huge rallies over the last month. VST had actually surpassed NVDA over the last month to be ^SPX0.26% 's top performing sector and is still up =217.65% vs. NVDA's +165.74% in Year-to-Date terms through 10/9/24. NRG1.94% as shown below, is pulling back and should retest the pivot point of its breakout which I expect to be strong support on this decline.. this should come in between $85.50-$86.50 and provide a counter-trend rally. The key takeaway is that the selling pressure in Utilities remains early to make any larger calls on this sector. On a relative and absolute basis, XLU1.32% and RSPU-0.73% are still trending higher on an intermediate-term basis, and i expect this recent near-term selling pressure should prove short-lived.
