ENTERGY CORP is showing promising signs of setting up for a breakout.

Our stock screener has detected a potential breakout setup on ENTERGY CORP (NYSE:ETR). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:ETR.

Insights from Technical Analysis

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to ETR. Both in the recent history as in the last year, ETR has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that ETR is one of the better performing stocks in the market, outperforming 89% of all stocks. We also observe that the gains produced by ETR over the past year are nicely spread over this period.
• ETR is part of the Electric Utilities industry. There are 46 other stocks in this industry. ETR outperforms 88% of them.
• ETR 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 ETR is leading the market.
• In the last month ETR has a been trading in a tight range between 73.15 and 77.16.

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

How does the Setup look for NYSE:ETR

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:ETR has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, ETR 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 75.94, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:ETR 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.

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.