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Based on good technical signals, FIRSTENERGY CORP is potentially setting up for a breakout.

By Mill Chart

Last update: May 7, 2024

A possible breakout setup was detected on FIRSTENERGY CORP (NYSE:FE) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:FE.

FE Daily chart on 2024-05-07

Deciphering the Technical Picture of NYSE:FE

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.

Overall FE gets a technical rating of 7 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FE is only an average performer.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • FE 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 FE is lagging the market slightly.
  • In the last month FE has a been trading in the 36.81 - 39.43 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the performance of all stocks over the past year, FE turns out to be only a medium performer in the overall market: it outperformed 41% of all stocks.
  • FE is part of the Electric Utilities industry. There are 45 other stocks in this industry, FE did better than 52% of them.

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

How do we evaluate the setup for NYSE:FE?

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:FE currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

FE 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 39.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 38.62, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FE in the last couple of days, which is a good sign.

How to trade NYSE:FE?

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.

Of course, there are many ways to trade or not trade NYSE:FE and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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.