More Downside in NextEra?
NextEra Energy fell sharply in late September as higher interest rates impacted the value of its wind and solar farms. Now after a bounce, momentum bears may look for a retest of recent lows.
The first pattern on today’s chart is the selloff that began on September 27 after its NextEra Energy Partners (NEP) limited partnership cut its long-term growth forecast. The drop represented a break of support around $67 that had been in place since late 2020.
NEE started bouncing on October 6, but is now stalling below a 50 percent retracement of the bearish thrust. That could suggest continuation to the downside is coming.
Third, consider the tight price action around $54 since last Friday. That may create the potential for prices to start moving again if the utility stock breaks the range.
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The first pattern on today’s chart is the selloff that began on September 27 after its NextEra Energy Partners (NEP) limited partnership cut its long-term growth forecast. The drop represented a break of support around $67 that had been in place since late 2020.
NEE started bouncing on October 6, but is now stalling below a 50 percent retracement of the bearish thrust. That could suggest continuation to the downside is coming.
Third, consider the tight price action around $54 since last Friday. That may create the potential for prices to start moving again if the utility stock breaks the range.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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