There are signs that NYSE:WES may be ready to breakout.

A possible breakout setup was detected on WESTERN MIDSTREAM PARTNERS L (NYSE:WES) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:WES.

Technical analysis of NYSE:WES

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.

We assign a technical rating of 10 out of 10 to WES. Both in the recent history as in the last year, WES has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that WES is one of the better performing stocks in the market, outperforming 85% of all stocks. On top of that, WES also shows a nice and consistent pattern of rising prices.
• WES is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 81% of 214 stocks in the same industry.
• WES is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month WES has a been trading in the 33.15 - 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.

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

How does the Setup look for NYSE:WES

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:WES has a 9 as its setup rating:

Besides having an excellent technical rating, WES also presents a decent setup pattern. Prices have been consolidating lately. 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 34.73. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.50, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WES in the last couple of days, which is a good sign.

How to trade NYSE:WES?

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.

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.

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.