10 October 2020

Entergy [ETR] Reports More Than 40,000 Without Power

 


#HurricaneDelta made landfall as a Category 2 hurricane, but Louisiana residents wouldn't know it as the storm has led to enormous power outages.  Entergy is a big utility in the area and the company reports more than 40,000 people are without power as of today [Saturday 10 October 2020].

#ETR looks to be capped by #TAOSTMagnetZone acting as resistance close to a 50% Fibonacci Retracement of the down move that started in February of this year.


Natural disasters like hurricanes often bode well for utility company earnings as they tend to make the demand for ancillary services both higher and far less price elastic.

If you're interested in this stock, watch how price responds to the magnet zone.  If it can clear it to the upside, use TAOST Magnet Zone as a support level against which to take long trades.