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Will NextEra Energy's Key Indicators Light the Way?

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Part 2
Will NextEra Energy's Key Indicators Light the Way? PART 2 OF 6

Where NextEra Energy Stock Could Go Now

NEE’s chart indicators

Renewables giant NextEra Energy (NEE) is a utility that has shown a remarkable rally in the past three months. The chart indicators hint that NEE stock still looks strong and may keep up momentum in the short term.

On April 4, 2017, NextEra Energy stock was trading 1% and 4% above its 50-day and 200-day MAs (moving averages) respectively. Remember, when a stock’s 50-day MA crosses above its 200-day MA, it can be considered a bullish sign. When a stock price rises above or falls below a moving average, it’s considered a bullish or bearish sign, respectively.

Where NextEra Energy Stock Could Go Now

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In the short term, NEE’s 50-day MA, at levels around $128, may now act as support.

Relative strength index

RSI (relative strength index) is a momentum indicator made up of values between 0 and 100. Movements below 30 are considered to be in the “oversold” zone. Movements above 70 are considered to be in the “overbought” zone and could hint at an imminent reversal in the stock.

NextEra Energy’s RSI (relative strength index) now stands at 48.

Short interest

Short interest in NextEra Energy rose 1.7% on March 15, 2017. Total shorted shares in the company were 11.0 million on February 28, 2017, and rose to 11.2 million by mid-March 2017. A rise in short interest could mean that more investors are expecting the stock to fall in the near term.

Remember, short interest indicates the number of a company’s shares that have been sold short and haven’t been covered. The number also helps track investor sentiment.

Read more about what’s happening with Duke Energy (DUK) in Market Realist’s Is It a Good Time to Place Your Bets on Duke Energy?

Continue to the next part for a look at the valuations of NEE and its peers.

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