Indications Suggest NYSE:EPD Could Be on the Verge of a Breakout.

Our stock screener has identified ENTERPRISE PRODUCTS PARTNERS (NYSE:EPD) 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:EPD.

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

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, EPD scores 8 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, EPD is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that EPD is one of the better performing stocks in the market, outperforming 76% of all stocks. On top of that, EPD also shows a nice and consistent pattern of rising prices.
• EPD is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 75% of 211 stocks in the same industry.
• EPD is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so EPD is lagging the market slightly.
• In the last month EPD has a been trading in the 31.51 - 34.15 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

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

Looking at the Setup

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:EPD this score is currently 9:

Besides having an excellent technical rating, EPD also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 32.67, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EPD in the last couple of days, which is a good sign.

How to trade NYSE:EPD?

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. 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.