By Mill Chart
Last update: Sep 14, 2023
Our stock screener has detected a potential breakout setup on COTERRA ENERGY INC (NYSE:CTRA). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:CTRA.
Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.
Overall CTRA gets a technical rating of 8 out of 10. 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.
For an up to date full technical analysis you can check the technical report of CTRA
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:CTRA has a 9 as its setup rating, indicating its current consolidation status.
Besides having an excellent technical rating, CTRA also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 28.46. 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. We notice that large players showed an interest for CTRA in the last couple of days, which is a good sign.
To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.
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.
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.
COTERRA ENERGY INC
NYSE:CTRA (11/30/2023, 6:51:44 PM)After market: 26.23 -0.02 (-0.08%)
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