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Technical Insights for LIBERTY ENERGY INC (NYSE:LBRT): Is a Breakout Imminent?

By Mill Chart

Last update: Apr 29, 2024

Our stock screener has identified LIBERTY ENERGY INC (NYSE:LBRT) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:LBRT.

LBRT Daily chart on 2024-04-29

In-Depth Technical Analysis of NYSE:LBRT

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, LBRT scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, LBRT is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that LBRT is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, LBRT also shows a nice and consistent pattern of rising prices.
  • LBRT is one of the better performing stocks in the Energy Equipment & Services industry, it outperforms 87% of 65 stocks in the same industry.
  • LBRT is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so LBRT is leading the market.
  • In the last month LBRT has a been trading in the 20.60 - 23.31 range, which is quite wide. It is currently trading near the high of this range.

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

Why is NYSE:LBRT a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:LBRT exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, LBRT 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 23.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.34, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:LBRT be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation 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.

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.