Fitch downgrades PG&E amid wildfire concerns

Fitch's downgrade of PG&E underscores wildfire risk and could create selling pressure in the near term, as PCG has a similar risk profile. The 3.4% drop over 24 hours, RSI around 40, and price below the 20/50 SMAs support this bearish bias. However, MACD being slightly above its signal suggests a potential for a sharp reversal. Therefore, the direction is bearish, but short-term volatility can be expected.