Shares of Pinnacle West Capital (PNW) are Ready to Breakout!

A key level of resistance has formed in the chart of Pinnacle West Capital (PNW – Get Rating) and breakout could be coming soon.

PNW is a holding company whose principal subsidiary is Arizona Public Service, which is a vertically integrated regulated utility that provides electric service to 1.3 million customers over a 35,000-square-mile service territory in Arizona. The company is benefiting from high credit ratings, which allows it to secure funds at favorable conditions.

Arizona Public Service is the largest and longest-serving electric utility provider in Arizona. The Phoenix area is seeing strong growth in commercial activities with new developments being announced. PNW expects more projects in the area with Red Bull, Ball Corporation, White Claw/Mark Anthony Brewing, Nacero, and While Stack all planning on building facilities.

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