ENTERPRISE PRODUCTS PARTNERS is showing promising signs of setting up for a breakout.

ENTERPRISE PRODUCTS PARTNERS (NYSE:EPD) 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:EPD.

Technical analysis of NYSE:EPD

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.

Overall EPD gets a technical rating of 7 out of 10. Although EPD is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• EPD is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so EPD is leading the market.
• When comparing the performance of all stocks over the past year, EPD turns out to be only a medium performer in the overall market: it outperformed 61% of all stocks.
• EPD is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry, EPD did better than 42% of them.
• In the last month EPD has a been trading in a tight range between 26.24 and 26.96.

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

How does the Setup look for NYSE:EPD

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:EPD scores a 9 out of 10:

Besides having an excellent technical rating, EPD also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 27.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.78, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:EPD be traded?

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.