PUBLIC SERVICE ENTERPRISE GP (NYSE:PEG) showing some interesting technicals. Here's why.

Our stock screener has detected a potential breakout setup on PUBLIC SERVICE ENTERPRISE GP (NYSE:PEG). 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:PEG.

Technical Analysis Observations

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 9 out of 10 to PEG. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that PEG is one of the better performing stocks in the market, outperforming 83% of all stocks. We also observe that the gains produced by PEG over the past year are nicely spread over this period.
• PEG is part of the Multi-Utilities industry. There are 26 other stocks in this industry. PEG outperforms 100% of them.
• PEG is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PEG is lagging the market slightly.
• In the last month PEG has a been trading in a tight range between 71.89 and 75.82.

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

How does the Setup look for NYSE:PEG

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:PEG is 9:

Besides having an excellent technical rating, PEG 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 75.15. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 72.64, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:PEG

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.

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 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.