PNM Resources $PNM stock exploded higher on November 25, 2022, triggering a money flow buy signal. $PNM stock is in a technical uptrend. Dark pool trading occurred in $PNM stock at the end of October and mid-November 2022.
Dark Pool Buying In PNM Resources $PNM Stock
Dark pool trading occurred in the stock on October 28, 2022, and November 16, 2022. The October 2022 dark pool order was valued at $11 million and the November 2022 order was valued at $7 million. We think the dark pool trades were buying because $PNM stock rose following the prints hitting the tape.
We are seeing a defensive rotation into Utility stocks that offer income/dividend payouts. As the rest of the economy continues to slow from Federal Reserve rate hikes, defensive utility stocks are seeing inflows of investment dollars.
The industry that the world cannot function without is utilities. The gas that powers your hot water heater, the lights in every room, and the water that comes out of our faucets are all produced by utility companies. Because of this, the utilities sector is a vital component of our daily lives.