Based on good technical signals, PEMBINA PIPELINE CORP is potentially setting up for a breakout.

Our stockscreener has identified a possible breakout setup on PEMBINA PIPELINE CORP (NYSE:PBA). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:PBA for potential opportunities.

Deciphering the Technical Picture of NYSE:PBA

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.

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

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that PBA is one of the better performing stocks in the market, outperforming 79% of all stocks. We also observe that the gains produced by PBA over the past year are nicely spread over this period.
• PBA is part of the Oil, Gas & Consumable Fuels industry. There are 209 other stocks in this industry. PBA outperforms 80% of them.
• PBA 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 PBA is leading the market.
• In the last month PBA has a been trading in a tight range between 36.84 and 38.53.

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

How does the Setup look for NYSE:PBA

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:PBA exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, PBA also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 38.30. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 38.02, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:PBA

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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.