In-Depth Technical Analysis of PUBLIC SERVICE ENTERPRISE GP.

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

Analyzing the Technical Aspects

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, PEG scores 9 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, PEG 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, PEG did better than 81% of all other stocks.
• PEG is one of the better performing stocks in the Multi-Utilities industry, it outperforms 95% of 25 stocks in the same industry.
• PEG 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 PEG has a been trading in a tight range between 71.89 and 75.06.

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

How do we evaluate the setup for NYSE:PEG?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:PEG this score is currently 9:

PEG has an excellent technical rating and 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 75.15. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 73.65, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:PEG?

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.

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.

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.