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A technical analysis of COTERRA ENERGY INC.

By Mill Chart

Last update: Sep 4, 2023

COTERRA ENERGY INC (NYSE:CTRA) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:CTRA.

CTRA Daily chart on 2023-09-04

Zooming in on the technicals.

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, CTRA scores 8 out of 10 in our technical rating. Although CTRA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The long and short term trends are both positive. This is looking good!
  • In the last month CTRA has a been trading in the 26.41 - 28.91 range, which is quite wide. It is currently trading near the high of this range.
  • When compared to the yearly performance of all other stocks, CTRA outperforms 67% of them, which is more or less in line with the market.
  • CTRA is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 50% of 217 stocks in the same industry.
  • CTRA is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so CTRA is lagging the market.

Check the latest full technical report of CTRA for a complete technical analysis.

Why is NYSE:CTRA a setup?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:CTRA currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

CTRA has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 28.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 28.29, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:CTRA

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.



NYSE:CTRA (11/30/2023, 10:07:07 AM)


+0.16 (+0.59%)


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