NEE pops to highest close ever
NextEra Energy Inc. (NEE) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NEE ended the week 3.33% higher at 278.52 after gaining $3.05 (1.11%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 278.52 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 275.87, NextEra Energy confirmed its breakout through the previous session high after trading up to $3.19 above it intraday.
Daily Candlestick Chart (NEE as at Feb 14, 2020):
Friday's trading range has been $3.49 (1.27%), that's slightly below the last trading month's daily average range of $3.91. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NEE.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the upper Bollinger Band for the first time since January 27th, 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 266.72 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on January 13th, NEE gained 0.54% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for NextEra Energy. Out of 343 times, NEE closed higher 54.81% 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 61.52% with an average market move of 0.67%.