Will PUBLIC SERVICE ENTERPRISE GP Break Out? A Technical Analysis Perspective.

A possible breakout setup was detected on PUBLIC SERVICE ENTERPRISE GP (NYSE:PEG) 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:PEG.

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

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

We assign a technical rating of 10 out of 10 to PEG. 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.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that PEG is one of the better performing stocks in the market, outperforming 85% of all stocks. On top of that, PEG also shows a nice and consistent pattern of rising prices.
• PEG is part of the Multi-Utilities industry. There are 25 other stocks in this industry. PEG outperforms 95% of them.
• 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.
• PEG 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.
• In the last month PEG has a been trading in a tight range between 78.05 and 81.57.

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

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:PEG currently holds a 8 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, PEG also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 81.04. Right above this resistance zone may be a good entry point. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:PEG 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.

Every day, new breakout setups can be found on ChartMill 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.