On the daily chart, NEE is progressing within an impulsive motive wave, specifically in Wave 5. The stock is currently moving higher within Wave {iii} of 5. With the stock now trading above TradingLevel8 at $80, the next upside target for Wave 5 is around $100.

This is a critical level, as the stock has shown strong bullish momentum, breaking key resistance levels. Traders should look for continued upside movement, particularly as it approaches this psychological level of $100.

NextEra Energy Inc., (NEE) 1H Chart.

NEE Elliott Wave technical analysis

Function: Trend.

Mode: Impulsive.

Structure: Motive.

Position: Wave (v) of {iii}.

Direction: Upside in wave (v).

Details: Looking for upside in wave (v) as we seem to have broken the triangle in wave (iv). We have 1.618 {iii} vs. {i} at 89$ which could be an upside target, especially considering 88$ will be a profit taking number.

NEE Elliott Wave technical analysis – One-hour chart

On the 1-hour chart, NEE is in the final stages of Wave (v) of {iii}, having recently broken out of a triangle pattern that formed during Wave (iv). The next target for Wave (v) is around $89, which coincides with the 1.618 Fibonacci extension of {iii} vs {i}. Additionally, $88 could serve as a profit-taking level due to its proximity to this Fibonacci extension target.

With the triangle break and continued upside momentum, NEE is expected to see further gains in the short term, especially with $89 acting as the next key resistance.

This Elliott Wave analysis of NextEra Energy Inc. (NEE) outlines both the daily and 1-hour chart structures, highlighting the current trends and possible future price movements.

NextEra Energy Inc.(NEE) Elliott Wave technical analysis [Video]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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