Top Notch Utility Leader Setting up Bull Flag Breakout
Southern (SO) shares of the utility name are staying impressive and coiled in a high tight bull flag as it looks ready to break out above one year value area on a close over 92.50 that could target the 95-97 zone. SO has held firm the past month after the quick test of the 200 EMA during the market selloff and has been a top utility name the past year, gaining +24% when including dividends. This week saw a buyer of 420 November $87.50 ITM calls for $8.20 and still has the large 4900 June $95 calls in OI from a buyer on 3/20.