NEXTERA ENERGY INC is showing promising signs of setting up for a breakout.

Our stock screener has flagged NEXTERA ENERGY INC (NYSE:NEE) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:NEE for potential movement.

In-Depth Technical Analysis of NYSE:NEE

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

We assign a technical rating of 9 out of 10 to NEE. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NEE is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• NEE is one of the better performing stocks in the Electric Utilities industry, it outperforms 90% of 45 stocks in the same industry.
• NEE is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• NEE is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When comparing the yearly performance of all stocks, we notice that NEE is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this overall good ranking is mostly due to the recent strong move.

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

How do we evaluate the setup for NYSE:NEE?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:NEE scores a 8 out of 10:

NEE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 76.33. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 76.31, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NEE in the last couple of days, which is a good sign.

How to trade 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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.