By Mill Chart
Last update: Sep 22, 2022
FIRSTENERGY CORP (NYSE:FE) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:FE.
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 FE gets a technical rating of 7 out of 10. In the past year, FE was one of the better performing stocks in the market. The medium term picture became unclear, although we see some improvement happening in recent action.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:FE scores a 8 out of 10:
Besides having an excellent technical rating, FE also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 41.27. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.74, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
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.
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.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
FIRSTENERGY CORP
NYSE:FE (5/10/2024, 7:04:00 PM)
After market: 39.94 0 (0%)39.94
+0.1 (+0.25%)
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