NEW YORK — High-yielding utility stocks, a group that has been struggling of late, stand to see something of a potential resurgence following the Federal Reserve’s decision to cut interest rates by 50 basis points on Tuesday, technical analysts say.

The group has certainly pulled back from its spring highs, with the Philadelphia Stock Exchange Utility Index, or UTY, after peaking at 572.89 on an intraday basis on May 15, now at 542.90, up 1.1%.

But now the sector is starting to look like it will be able to hold its own relative to the rest of the market, analysts say.

“The UTY has undergone a turning point, since it moved through resistance of 528, both on Tuesday and today,” said Katie Townshend, chief market technician at MKM Technical Research.

The 528 level is based on a “cloud model,” which is a Japanese trend-following indicator that some technicians use to gauge supply and demand.

“It looks to me like it is going to hold up,” Townshend said.

One reason is that the index, although having gone through a period of trending lower, had not done so, since late June, to the same degree as the Standard & Poor’s 500 Index.

Also, the index’s stochastics oscillator, a measure of overbought and oversold conditions, indicates that there is room before the UTY can be considered overbought, Townshend said.

But not everything is fully in place.

Momentum from the UTY’s recent low of 488.89 on Aug. 16 hasn’t picked up yet, “and that’s what I’m looking out for,” Townshend said.

But, on a weekly basis, the index remains in a long term uptrend because it still has higher lows in place, Townshend added.

Also, support remains intact, ranging from 475 on a long-term basis to 501.95, with the latter being the index’s March low.

With the Federal Reserve having cut its key short-term interest rate aggressively on Tuesday to 4.75% from 5.25%, utility stocks could have greater appeal because of their dividend yield.

The three highest payers on the S&P 500 are Progress Energy (PGN), at 5.3%; Pinnacle West Capital (PNW), at 5.2%; Integrys Energy (TEG), at 5.1%, all now above the new fed funds rate, which influences a myriad of other rates.

Progress Energy, at $47.40, is looking good right now, having broken through its 80-day moving average of $46.30, which has served as resistance since late May, said Ryan Detrick, senior technical strategist at Schaffer’s Investment Research.

In fact, shares hit that level on an intraday basis on Tuesday morning, before the Fed’s meeting announcement.

“Now that it has decisively broken through on heavy volume I wouldn’t be surprised to see the stock revisit its Aug. 9 intraday high of $49.48,” Detrick said.

Pinnacle West, at $40.30, has been pretty much been moving sideways since the beginning of July, which puts it in a neutral state as far as far as making a decision of whether to buy or sell shares.

Still, Detrick feels the stock is positioned to get past $41, based on the way it’s charting, creating a bottoming formation from which to move higher with some momentum.

If shares do breach $41 on a closing basis, he projects the stock could push upward on strong accumulation, or buying, and have a shot at $44.47, its June 15 intraday high.

Integrys Energy, at $52, has also been in a sideways consolidation pattern since late June, but has now broken out.

The breakout is based on the stock moving above a downward trendline on strong momentum on Tuesday.

“Now, the path of least resistance is higher,” Detrick said.