Technical Setup: COTERRA ENERGY INC Appears Poised for a Breakout.

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.

What is the technical picture of NYSE:CTRA telling us.

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.

Taking everything into account, CTRA scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CTRA is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• CTRA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CTRA is lagging the market slightly.
• In the last month CTRA has a been trading in the 26.64 - 28.86 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Looking at the yearly performance, CTRA did better than 73% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• CTRA is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 45% of 214 stocks in the same industry.

For an up to date full technical analysis you can check the technical report of CTRA

How do we evaluate the setup for NYSE:CTRA?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:CTRA has a 8 as its setup rating:

Besides having an excellent technical rating, CTRA also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 27.92, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:CTRA be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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.