NI - Turn up the lights

NI is a stock in the utility sector which has been one of the strongest sectors of the year. The stock has been following a slightly bullish channel since mid-April & seems to be bouncing off support again. Just keep trading the channel until it escapes higher or lower.

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Stock broke down in today's trading which would have given an opportunity to enter a short trade. I would be looking for a target of $26.70 which is near the 61.8% Fibonacci Extension level.

The stock is still oversold so I don't know if I would hold this as anything more than a bearish daytrade or short-term bearish swing trade.