Good technical signals and a possible breakout for WILLIAMS COS INC.

WILLIAMS COS INC (WMB)       35.17   +0.47 (+1.35%)

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Good technical signals and a possible breakout for WILLIAMS COS INC.6 days ago - Chartmill

Our stock screener has spotted WILLIAMS COS INC (NYSE:WMB) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:WMB.

WMB Daily chart on 2022-11-25

Technical analysis of NYSE:WMB

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to WMB. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, WMB is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • In the last month WMB has a been trading in the 32.22 - 34.53 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, WMB did better than 88% of all other stocks. However, this overall performance is mostly based on the strong move around 7 months ago.
  • WMB is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 47% of 390 stocks in the same industry.
  • WMB is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

Why is NYSE:WMB a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:WMB scores a 10 out of 10:

Besides having an excellent technical rating, WMB also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 33.88. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.68, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WMB in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:WMB?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout analyzer.


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