By Mill Chart
Last update: Nov 28, 2023
Our stockscreener has identified a possible breakout setup on FRONTLINE PLC (NYSE:FRO). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:FRO for potential opportunities.
As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.
We assign a technical rating of 9 out of 10 to FRO. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, FRO is showing a nice and steady performance.
For an up to date full technical analysis you can check the technical report of FRO
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:FRO scores a 9 out of 10:
Besides having an excellent technical rating, FRO also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 22.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 21.45, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FRO in the last couple of days, which is a good sign.
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.
Of course, there are many ways to trade or not trade NYSE:FRO 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.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
NYSE:FRO (2/23/2024, 7:04:00 PM)After market: 23.25 +0.36 (+1.57%)
FRONTLINE PLC (NYSE:FRO), an undervalued stock with good fundamentals.
Investors seeking growth at a reasonable cost should explore FRONTLINE PLC (NYSE:FRO).
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