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Bull Flag Setup in Top Notch Utility with Room to Run

by | Jan 3, 2024

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.

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