NYSE:ETR Shows Potential for a Breakout.

A possible breakout setup was detected on ENTERGY CORP (NYSE:ETR) 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:ETR.

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

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to ETR. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• 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 ETR is one of the better performing stocks in the market, outperforming 90% of all stocks. On top of that, ETR also shows a nice and consistent pattern of rising prices.
• ETR is part of the Electric Utilities industry. There are 47 other stocks in this industry. ETR outperforms 89% of them.
• ETR 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 ETR is performing more or less in line with the market.
• Volume is considerably higher in the last couple of days.

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

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:ETR is 9:

ETR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 77.39. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 74.37, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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

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.