COTERRA ENERGY INC (NYSE:CTRA) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

Our stock screener has spotted COTERRA ENERGY INC (NYSE:CTRA) 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:CTRA.

What is the technical picture of NYSE:CTRA telling us.

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.

Taking everything into account, CTRA 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, CTRA is only an average performer.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• CTRA is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so CTRA is performing more or less in line with the market.
• In the last month CTRA has a been trading in the 26.64 - 28.90 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, CTRA did better than 72% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• CTRA is part of the Oil, Gas & Consumable Fuels industry. There are 214 other stocks in this industry, CTRA did better than 47% of them.

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

Why is NYSE:CTRA 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:CTRA scores a 8 out of 10:

Besides having an excellent technical rating, CTRA also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 28.22. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 27.82, 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:CTRA

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.