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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Nextera Energy (NYSE:NEE) based on the price action in the company's shares. Yesterday's price range of $159.50 and $160.89 is within the prior day'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. Traders and investors interested in shares of Nextera Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Nextera Energy has overhead space with shares priced $160.22, or 4.5% below the average consensus analyst price target of $167.71. The stock should discover initial support at its 50-day moving average (MA) of $116.41 and subsequent support at its 200-day MA of $106.65.

In the past 52 weeks, Nextera Energy share prices have been bracketed by a low of $110.49 and a high of $164.71 and closed yesterday at $160.22, 45% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.2%.

NextEra Energy, Inc. provides sustainable energy generation and distribution services. The Company generates electricity through wind, solar, and natural gas. Through its subsidiaries, NextEra Energy also operates multiple commercial nuclear power units.

SmarTrend recommended that subscribers consider buying shares of Nextera Energy on February 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $155.07. Since that recommendation, shares of Nextera Energy have risen 3.3%. We continue to monitor NEE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle nextera energy

Ticker(s): NEE