PPL CORP (NYSE:PPL) is setting up nicely for a breakout.

Our stock screener has detected a potential breakout setup on PPL CORP (NYSE:PPL). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:PPL.

Analyzing the Technical Aspects

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, PPL scores 7 out of 10 in our technical rating. In the last year, PPL was one of the better performers, although we are getting mixed signals now in both the short and medium term time frames.

• When comparing the yearly performance of all stocks, we notice that PPL is one of the better performing stocks in the market, outperforming 92% of all stocks. On top of that, PPL also shows a nice and consistent pattern of rising prices.
• PPL is one of the better performing stocks in the Electric Utilities industry, it outperforms 80% of 46 stocks in the same industry.
• PPL is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so PPL slightly outperforms the market at the moment.
• In the last month PPL has a been trading in the 32.50 - 36.64 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Both the short term and long term trends are neutral. So this is not the most entertaining stock around.

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

How does the Setup look for PPL

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, PPL exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

PPL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 35.67. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.58, a Stop Loss order could be placed below this zone.

How can PPL be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.