Technical Insights for WESTERN MIDSTREAM PARTNERS L (NYSE:WES): Is a Breakout Imminent?

Our stock screener has flagged WESTERN MIDSTREAM PARTNERS L (NYSE:WES) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:WES for potential movement.

In-Depth Technical Analysis of NYSE:WES

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, WES scores 8 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, WES is showing a nice and steady performance.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, WES did better than 79% of all other stocks. We also observe that the gains produced by WES over the past year are nicely spread over this period.
• WES is part of the Oil, Gas & Consumable Fuels industry. There are 211 other stocks in this industry. WES outperforms 79% of them.
• WES 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 WES is lagging the market slightly.
• In the last month WES has a been trading in the 39.50 - 43.33 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How do we evaluate the setup for NYSE:WES?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:WES has a 10 as its setup rating:

WES 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 42.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.61, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WES in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:WES?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found 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.