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Where NRG Energy Is Heading amid Utilities' Weakness

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Where NRG Energy Is Heading amid Utilities' Weakness PART 1 OF 5

Making Sense of NRG Energy’s Technical Indicators

Technical indicators

Leading merchant power player NRG Energy (NRG) rose 4% on October 10, 2016, and closed at $11.42. Utilities (XLU) also closed the day with fair gains after a straight two-week fall. NRG was comparatively immune in this two-week fall, losing only 3% compared to overall utility loss of 8%. However, NRG stock still looks weak, as it’s trading at 6% and 1% discounts to its 50-day and 200-day moving averages, respectively. The stock is likely to remain sluggish until it breaks above these moving averages.

When a stock price rises above or falls below a particular moving average, it’s a bullish or bearish sign, respectively.

Making Sense of NRG Energy&#8217;s Technical Indicators

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Peer Dynegy (DYN) is currently trading at a 3% premium and a 7% discount to its 50-day and 200-day moving averages, respectively. Calpine (CPN) is trading at a 2% premium and 7% discount to its 50-day and 200-day moving averages, respectively.

Relative strength index

Currently, NRG’s RSI (relative strength index) stands at 48. RSI is a momentum indicator comprising of values between zero and 100. Movements below 30 are considered in the “oversold” zone, while movements above 70 are in the “overbought” zone.

Short interest

According to a recent report, short interest in NRG fell more than 5% on September 15, 2016. Total shorted shares in NRG totaled 15.5 million at the start of September. They fell to 14.8 million on September 15. The decline may indicate that investors are not expecting more downside from its current levels.

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