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ENTERGY CORP (NYSE:ETR) showing some interesting technicals. Here's why.

By Mill Chart

Last update: Dec 8, 2023

Our stock screener has spotted ENTERGY CORP (NYSE:ETR) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:ETR.

ETR Daily chart on 2023-12-08

Insights from Technical Analysis

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

We assign a technical rating of 7 out of 10 to ETR. This is due to a decent performance in both the short and longer term time frames. Compared to the overall market however, ETR is a bad performer.

  • The long and short term trends are both positive. This is looking good!
  • In the last month ETR has a been trading in the 94.84 - 102.79 range, which is quite wide. It is currently trading near the high of this range.
  • ETR is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so ETR is lagging the market.

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

How do we evaluate the setup for NYSE:ETR?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:ETR currently has a 9 as setup rating:

Besides having an excellent technical rating, ETR also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 102.03. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 101.81, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ETR in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:ETR?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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.

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ENTERGY CORP

NYSE:ETR (2/21/2024, 7:04:00 PM)

After market: 101.26 0 (0%)

101.26

+1.25 (+1.25%)

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