Daily Stock Report

NRG Energy Inc. - (NRG) - May 11, 2022

Nuclear power producer NRG Energy (NRG) has soared up the rankings in the SIA S&P 500 Index Report over the last week, driving up out of the red zone and returning to the Green Favored Zone for the first time since November of 2019, snapping a long-term downtrend line along the way. Yesterday, NRG finished in 99th place, up 20 spots on the day and up 198 positions in the last month. 

NRG Energy (NRG) has attracted significant new interest in the last few day, blasting up off of a successful retest of $36.00 support, gapping up through its 50-day moving average and snapping a downtrend line that had been emerging since September, all on a big spike in volume. 

Initial upside resistance appears at the previous high near $45.00, followed by the $50.00 round number. Initial support moves up toward the $40.00 round number. 

Although NRG Energy (NRG) shares have generally been trending sideways between $35.00 and $45.00 since early 2021, recent trading suggests accumulation may be resuming. Earlier this month, the shares staged what looked to be a notable breakdown, snapping a long-term support line and staging a double bottom breakdown, but these signals were only achieved by one row and then the shares quickly reversed back upward, a classic head fake or bear trap bottom. Subsequently, the shares have continued to climb, completing a bullish Double Top breakout that signaled the start of a new upswing. 

Initial upside resistance may appear at the September 2021 high near $45.60, followed by the $50.00 round number, and then the $51.35 to $52.40 zone based on a cluster of vertical and horizontal counts. Initial support appears near $38.15 based on a 3-box reversal. 

With its bullish SMAX score increasing to 9, NRG is exhibiting strength against the asset classes. 

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