Technical Signals Point to a Possible Breakout for COTERRA ENERGY INC.

Our stock screener has identified COTERRA ENERGY INC (NYSE:CTRA) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:CTRA.

Insights from Technical Analysis

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, CTRA scores 7 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, CTRA is showing a nice and steady performance.

• 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.
• When comparing the yearly performance of all stocks, we notice that CTRA is one of the better performing stocks in the market, outperforming 72% of all stocks.
• In the last month CTRA has a been trading in the 26.91 - 28.66 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.
• CTRA is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 56% of 212 stocks in the same industry.
• CTRA is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so CTRA is lagging the market.

Check the latest full technical report of CTRA for a complete technical analysis.

How does the Setup look for NYSE:CTRA

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CTRA this score is currently 9:

CTRA has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 28.38. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 28.07, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CTRA in the last couple of days, which is a good sign.

Trading breakout setups.

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found 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.