NextEra Energy Partners Enters Oversold Territory Amid Market Drop
On Wednesday, shares of NextEra Energy Partners LP (Symbol: NEP) dipped into oversold territory, trading as low as $21.50 per share. This situation is defined by a Relative Strength Index (RSI) reading, a tool used to measure stock momentum on a scale of zero to 100. A stock is deemed oversold if the RSI falls below 30.
Currently, NEP’s RSI stands at 29.6. In contrast, the average RSI for other energy stocks tracked by Energy Stock Channel is 49.4. WTI Crude Oil has an RSI of 48.0, Henry Hub Natural Gas is at 43.8, and the 3-2-1 Crack Spread RSI is significantly higher at 79.8.
For bullish investors, NEP’s RSI of 29.6 might signal that the recent selling pressure is beginning to ease, presenting potential opportunities for buying.
Exploring NEP’s one-year performance, the stock’s low has been $21.50 and its high reached $35.15 over the past 52 weeks. The most recent trade was at $21.55, reflecting a decline of about 14.1% for the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
