An Unwind in Pessimism Could Send Energy Stock Surging

Energy providersaw its Friday’s lows test its 50-day moving average, only for the stock to pivot higher from there. The shares cleared $90.48 -- the site of its close prior to a post-earnings bull gap on Oct. 24 -- and $93, which is 1.5 times NXT’s channel at $62 from February 2024 to June 2025.Shorts are in covering mode, and with a modest 3.5% of the stock’s total available float sold short, this could keep the wind at NXT’s back.An unwinding of pessimism in the options pits could propel the security even ...