By Mill Chart
Last update: Aug 30, 2024
Our stock screener has spotted NEXTERA ENERGY INC (NYSE:NEE) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:NEE.
ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.
We assign a technical rating of 8 out of 10 to NEE. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, NEE is only an average performer.
For an up to date full technical analysis you can check the technical report of NEE
Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:NEE currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.
NEE has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 80.04. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 80.02, a Stop Loss order could be placed below this zone.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
Of course, there are many ways to trade or not trade NYSE:NEE and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
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.
70.64
+1.65 (+2.39%)
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