In trading on Friday, shares of NextEra Energy Inc (NYSE:NEE) entered into overbought territory, changing hands as high as $60.245 per share. We define overbought territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be overbought if the RSI reading rises above 70.
In the case of NextEra Energy Inc, the RSI reading has hit 70.2 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 51.9, the RSI of WTI Crude Oil is at 57.0, and the RSI of Henry Hub Natural Gas is presently 33.9.
Investors could look at NEE's 70.2 reading as a sign that the recent heavy buying is peaking which could mean shares are due for a pullback.
Looking at a chart of one year performance (below), NEE's low point in its 52 week range is $49.00 per share, with $60.245 as the 52 week high point — that compares with a last trade of $60.09. NextEra Energy Inc shares are currently trading up about 0.6% on the day.
NEE operates in the Electric Utilities sector, among companies like ITC Holdings Corp (NYSE:ITC) which is up about 0.5% today, and TECO Energy Inc. (NYSE:TE) trading up by about 1.2%. Below is a three month price history chart comparing the stock performance of NEE, versus ITC and TE.
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