Black Hills Corp

BKH remains in a Stage 2 advance within a long-term uptrend, currently in a corrective pullback after an exhaustion signal at marginal highs. Price is probing the rising 9/21 EMA support cluster, and while the medium-term bullish bias stays intact on higher highs and higher lows, we defer execution until clear acceptance off the EMAs for a higher-probability entry.

• ↑2025 adjusted EPS guidance of $4.25–$4.45 implies 6% growth
• ↑$4.7 billion capex plan over five years to modernize infrastructure
• ↓Pending Northwestern Energy merger risks regulatory delays