By Mill Chart
Last update: Dec 9, 2022
ONEOK INC (NYSE:OKE) 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:OKE.
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.
Taking everything into account, OKE scores 8 out of 10 in our technical rating. Although OKE is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:OKE this score is currently 9:
Besides having an excellent technical rating, OKE also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. 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 66.99. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 64.11, 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.
Of course, there are many ways to trade or not trade NYSE:OKE 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 analyzer lists more breakout setups and is updated daily.
ONEOK INC
NYSE:OKE (3/28/2024, 8:04:00 PM)
After market: 80.1 -0.07 (-0.09%)80.17
+0.57 (+0.72%)
/PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) will release first quarter 2024 earnings after the market closes on April 30, 2024. ONEOK's executive management will...
/PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) will participate in investor meetings at the J.P. Morgan Utilities & Midstream Forum on March 28, 2024, in Chicago....
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/PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) will participate in the following investor conferences in March 2024: March 5: Morgan Stanley Energy and Power...
/PRNewswire/ -- ONEOK, Inc. (NYSE: OKE) will hold its 2024 annual meeting of shareholders at 9 a.m. Central Daylight Time (CDT) on May 22, 2024, as a virtual...