The question on everyone's mind: Will SCORPIO TANKERS INC breakout?

Our stockscreener has identified a possible breakout setup on SCORPIO TANKERS INC (NYSE:STNG). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:STNG for potential opportunities.

Technical analysis of NYSE:STNG

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, STNG scores 7 out of 10 in our technical rating. Although STNG is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• STNG is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry. STNG outperforms 76% of them.
• In the last month STNG has a been trading in the 54.35 - 59.32 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.
• When comparing the yearly performance of all stocks, we notice that STNG is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• STNG is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so STNG is lagging the market slightly.

Our latest full technical report of STNG contains the most current technical analsysis.

How does the Setup look for NYSE:STNG

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:STNG is 9:

Besides having an excellent technical rating, STNG 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 very little resistance above the current price. There is a support zone below the current price at 54.85, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:STNG

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. 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.