Will the Surge in NextEra Energy Partners (NEP) Price Continue?

• The NEP share price is currently trading at $25.95.
• The Q3 2023 result has made the price increase by 3.50%.

NextEra Energy Partners (NYSE: NEP) is a limited partnership firm established by NextEra Energy in the year 2014. The main function of the company is to control and own the energy projects with stable long-term cash flows.

Impact of Q3 2023 Result on NextEra Energy Partners 

On 24 October 2023, the NextEra company reported its quarter 3 result, which surpassed the estimated result forecast. Not only did it beat the estimated result but also showed consistent growth in its report from the past two quarterly results. It led NextEra Energy Partners’ share price to open up with a surge of 1.14% and gained 2.19% in its intraday session after the results were reported. 

NextEra Energy Partners, LP (NEP) Stock Analysis

The NextEra Energy Partners stock price closed its last intraday session at $25.95 with a gain of 0.7%. It traded with a volume of 3.628 Million. It has a market capitalization of 2.425 Billion USD.

NEP Stock Price Analysis in 1-Day Chart

The NEP share price is currently rising towards its $32.00 resistance zone after it formed support at $20.14. The price has been in an uptrend for the past 11 trading days and has gained around 5.50%.

The 50-day and 100-day EMA lines are trading above the price, showing the absolute dominance of the bears over the price. However, the price is trading a little bit far from the EMA lines and rising towards them to retest them. So, we could see the retest of the EMA lines in the upcoming trading sessions.

The relative strength index is at 40.66, which is marked in the bearish territory. The RSI line shows a stiff slope in the upward direction. It indicates the high buying pressure applied by the bulls in the bearish territory.

In the current scenario, it is visible that the bears are the ones who have an overall hold of the price. However, the price is in a recovery phase after a stiff fall. So, it could be seen retesting the $32.00 resistance zone and EMA lines in the upcoming trading session.

For the continuation of the price rise, the price must reclaim the $32.00 level again and have to sustain above it. After that, it may rise toward its next resistance at $44.32.

However, the chance is for the continuation of a downtrend because of previous strong selling pressure. So, we can expect the price to get rejected from the $32.00 resistance zone or from the EMA lines to continue its downtrend to its immediate support of $20.14. However, it must give the breakdown of the $20.14 support for its further fall to $11.50, which could act as a new support level.

Conclusion

The overall sentiment of the NEP share price is bearish as the price has fallen by giving two major support breakdowns. In the current scenario, the price is in the recovery phase after strong selling pressure. The technical indicators are also pointing towards the overall control of bears. However, they are also showing signs of recovery in the price, which is making it rise in the current scenario.

Technical levels

Resistance Levels: $32.00 and $44.32.

Support Levels: $20.14 and $11.50.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.