NEE climbs to highest close ever
NextEra Energy Inc. (NEE) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, NEE finished the week 5.0% higher at 176.56 after gaining $2.60 (1.49%) today, strongly outperforming the S&P 500 (-0.92%). Today's close at 176.56 marks the highest recorded closing price ever. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (NEE as at Nov 09, 2018):
Friday's trading range has been $3.42 (1.96%), that's slightly above the last trading month's daily average range of $3.31. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NEE.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 173.62 earlier during the day, the stock bounced off the key technical support level at 174.23 (S2). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on October 24th, NEE actually lost -1.37% on the following trading day.
Crossing above the upper Bollinger Band for the first time since August 17th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 172.12 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Its common bullish interpretation has been confirmed for NextEra Energy. Out of 1,271 times, NEE closed higher 53.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.03% with an average market move of 0.65%.