There are signs that NYSE:NEE may be ready to breakout.

Our stock screener has identified NEXTERA ENERGY INC (NYSE:NEE) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:NEE.

Deciphering the Technical Picture of NYSE:NEE

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to NEE. Although NEE is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month NEE has a been trading in the 61.30 - 65.86 range, which is quite wide. It is currently trading near the high of this range.
• NEE is part of the Electric Utilities industry. There are 45 other stocks in this industry, NEE did better than 45% of them.
• NEE is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so NEE is lagging the market slightly.

Check the latest full technical report of NEE for a complete technical analysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:NEE has a 8 as its setup rating:

Besides having an excellent technical rating, NEE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 65.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 64.85, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:NEE

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.