ENTERGY CORP (NYSE:ETR) Technical Analysis observations.

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.

Technical analysis of NYSE:ETR

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 ETR gets a technical rating of 10 out of 10. 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!
• Looking at the yearly performance, ETR did better than 94% of all other 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 47 other stocks in this industry. ETR outperforms 95% 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.
• ETR is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

How does the Setup look for NYSE:ETR

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:

Besides having an excellent technical rating, ETR also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 81.58, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ETR in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:ETR?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Of course, there are many ways to trade or not trade NYSE:ETR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.