Pinnacle West Capital Corp

PNW is in a Stage 4 distribution phase, confirmed by a decisive support failure through the ~$98 zone and bearish EMA alignment. Price trades below the declining 9-, 20-, and 50-day EMAs and is testing the 200-day SMA. Both medium- and short-term biases are bearish, supporting immediate selling into rallies toward the broken support and intermediate moving-average cluster.

• ↑Q2 weather-normalized sales up 9.6% YoY; C&I sales rose 12.7%
• ↑2.1% customer growth drove peak demand to 9,164 MW
• ↓EPS declined 9.5% to $1.43 YoY as interest and depreciation costs rose