FRONTLINE PLC is showing promising signs of setting up for a breakout.

A possible breakout setup was detected on FRONTLINE PLC (NYSE:FRO) 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:FRO.

Technical analysis of NYSE:FRO

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 10 out of 10 to FRO. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, FRO is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, FRO did better than 95% of all other stocks. On top of that, FRO also shows a nice and consistent pattern of rising prices.
• FRO is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry. FRO outperforms 93% of them.
• FRO is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• FRO 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.

For an up to date full technical analysis you can check the technical report of FRO

How do we evaluate the setup for NYSE:FRO?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:FRO has a 8 as its setup rating:

FRO 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 a support zone below the current price at 21.92, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FRO in the last couple of days, which is a good sign.

How can NYSE:FRO be traded?

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.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.