WESTERN MIDSTREAM PARTNERS L (NYSE:WES) showing some interesting technicals. Here's why.

Our stock screener has detected a potential breakout setup on WESTERN MIDSTREAM PARTNERS L (NYSE:WES). 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:WES.

In-Depth Technical Analysis of NYSE:WES

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.

Overall WES gets a technical rating of 8 out of 10. In the last year, WES was one of the better performers, but we do observe some doubts in the very recent evolution.

• 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!
• Looking at the yearly performance, WES did better than 81% 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 one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 80% of 210 stocks in the same industry.
• 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 - 43.11 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Our latest full technical report of WES contains the most current technical analsysis.

Looking at the Setup

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:WES is 10:

Besides having an excellent technical rating, WES 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 41.10, 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.

Trading breakout setups.

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

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.