Indications Suggest NYSE:FRO Could Be on the Verge of a Breakout.

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.

Insights from Technical Analysis

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall FRO gets a technical rating of 8 out of 10. In the last year, FRO was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, FRO did better than 83% of all other stocks. We also observe that the gains produced by FRO over the past year are nicely spread over this period.
• FRO is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 86% of 216 stocks in the same industry.
• FRO 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 FRO is lagging the market slightly.
• In the last month FRO has a been trading in the 19.79 - 23.14 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of FRO

Looking at the Setup

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:FRO currently has a 9 as setup rating:

FRO 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. A pullback is taking place, which may present a nice opportunity for an entry. 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 21.09, 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.

Trading setups like NYSE:FRO

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.

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.

More breakout setups can be found in our Breakout screener.

Disclaimer

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.