Will EQUINOR ASA-SPON ADR breakout?

A possible breakout setup was detected on EQUINOR ASA-SPON ADR (NYSE:EQNR) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:EQNR.

Technical analysis of NYSE:EQNR

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall EQNR gets a technical rating of 8 out of 10. EQNR has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

• The short term trend is positive, while the long term trend is neutral. So this is evolving in the right direction.
• Looking at the yearly performance, EQNR did better than 98% of all other stocks. On top of that, EQNR also shows a nice and consistent pattern of rising prices.
• EQNR is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 85% of 391 stocks in the same industry.
• EQNR is currently trading in the upper part of its 52 week range. This is a good signal, certainly because the S&P500 Index is currently trading in the lower part of its 52 week range.
• In the last month EQNR has a been trading in the 31.04 - 36.30 range, which is quite wide. It is currently trading near the high of this range.

How does the Setup look for NYSE:EQNR

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:EQNR scores a 8 out of 10:

EQNR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 34.78, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EQNR in the last couple of days, which is a good sign.

Trading setups like NYSE:EQNR

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation 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.

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