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Possible Bearish Inside Day Candle Pattern Detected for Nextera Energy (NYSE:NEE)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Nextera Energy (NYSE:NEE) based on the price action in the company's shares. Today's price range of $212.31 and $212.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Nextera Energy may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Nextera Energy has traded in a range of $164.25 to $212.48 and is now at $212.31, 29% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 0.7%.

Nextera Energy (NYSE:NEE) is currently priced 20.5% above its average consensus analyst price target of $168.73. The stock should discover initial support at its 50-day moving average (MA) of $203.22 and subsequent support at its 200-day MA of $186.44.

NextEra Energy, Inc., through its subsidiaries, generates, transmits, distributes, and sells electric power to retail and wholesale customers in North America.

SmarTrend recommended that subscribers consider buying shares of Nextera Energy on January 23rd, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $177.83. Since that recommendation, shares of Nextera Energy have risen 19.4%. We continue to monitor NEE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle nextera energy

Ticker(s): NEE