Technical Signals Point to a Possible Breakout for EARTHSTONE ENERGY INC - A.

Our stockscreener has identified a possible breakout setup on EARTHSTONE ENERGY INC - A (NYSE:ESTE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:ESTE for potential opportunities.

Insights from Technical Analysis

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall ESTE gets a technical rating of 9 out of 10. Both in the recent history as in the last year, ESTE has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that ESTE is one of the better performing stocks in the market, outperforming 95% of all stocks.
• ESTE is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 92% of 218 stocks in the same industry.
• ESTE is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so ESTE slightly outperforms the market at the moment.
• ESTE is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up.

Our latest full technical report of ESTE contains the most current technical analsysis.

How do we evaluate the setup for NYSE:ESTE?

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:ESTE has a 8 as its setup rating:

Besides having an excellent technical rating, ESTE also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. We notice that large players showed an interest for ESTE in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.