Short trade on NEP
NextEra is a clean energy company with interests in wind and solar projects across North America.
The stock showed a lot of strength for several months, but has now become a broken leader.
NEP broke down below the previous breakout level (white dotted line on chart) and below its 200-day moving average.
The short-term rally in the stock now gives a low-risk place to sell the stock short and bet on a continued move lower. the 50-day and 200-day moving averages, along with the previous resistance level near the $77 mark, should act as resistance.
I'm working a stop at 77.80, just above the swing high.
The stock showed a lot of strength for several months, but has now become a broken leader.
NEP broke down below the previous breakout level (white dotted line on chart) and below its 200-day moving average.
The short-term rally in the stock now gives a low-risk place to sell the stock short and bet on a continued move lower. the 50-day and 200-day moving averages, along with the previous resistance level near the $77 mark, should act as resistance.
I'm working a stop at 77.80, just above the swing high.
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