TENARIS SA-ADR is setting up nicely for a breakout.

TENARIS SA-ADR (NYSE:TS) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:TS.

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, TS scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, TS is only an average performer.

• 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!
• In the last month TS has a been trading in the 32.80 - 35.31 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.
• Looking at the yearly performance, TS did better than 72% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
• TS is part of the Energy Equipment & Services industry. There are 66 other stocks in this industry, TS did better than 66% of them.
• TS is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so TS is lagging the market.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:TS has a 9 as its setup rating:

Besides having an excellent technical rating, TS 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 34.89. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.60, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for TS in the last couple of days, which is a good sign.

How can NYSE:TS be traded?

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.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.