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

We've identified FRONTLINE PLC (NYSE:FRO) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:FRO for further developments.

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

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, FRO scores 10 out of 10 in our technical rating. 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.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, FRO did better than 88% of all other stocks. We also observe that the gains produced by FRO over the past year are nicely spread over this period.
• FRO is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 86% of 214 stocks in the same industry.
• 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.
• In the last month FRO has a been trading in the 22.25 - 24.12 range, which is quite wide. It is currently trading near the high of this range.

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

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:FRO currently has a 9 as setup rating:

Besides having an excellent technical rating, FRO also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 24.15. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.59, 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?

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.

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.

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

Disclaimer

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.