Bull Flag Setup in Top Notch Utility with Room to Run
NextEra Energy (NEE) shares of the utility name closed Wednesday just above its narrow monthly value area and looks ready to emerge out of this two-week bull flag that has space up to retest the 67 level where a large VPOC of volume resistance should act as a magnet with the 200-day MA also nearby at 67.60. A close back below 60.50 invalidates the setup so a nice risk reward being able to risk 1.50 to make 5 possibly on a breakout. The utility sector is seeing an increase in rotations and new money flows to start the year, and this can continue further. Last month NEE saw insider buying with a director purchasing 8500 shares at $59.88 and worth nearly $507K.