Frontline (FRO): Big base breakout potential

We highlighted a big base for Navigator Holdings (NVGS), a marine shipping stock, in this blog on Monday (11/17). We received a request to look at Frontline (FRO), which is also forming a big base. FRO is scheduled to report earnings after the close on Friday, November 21. We review the key levels on this stock's monthly chart heading into the print.

FRO shows a potential massive base dating back to 2012 on its monthly chart. A decisive push above 25.25-25.90 would further support this pattern and open tactical upside toward the base neckline at 29.39 (May 2024 high). A decisive breakout above the neckline is required to confirm the big base and unlock longer-term upside potential to the pattern count at 54.50. Until then, holding the November month-to-date low near 23.00 would keep the pattern constructive.

Fibonacci extension levels for the February 2018 to May 2024 rally projected from the April 2025 low frame additional upside markers. The 61.8% extension at 28.17 aligns with the big base neckline. A confirmed breakout from the base would target 37.92 (100% extension) and 53.69 (161.8% extension), with the 161.8% level aligning with the big base upside count at 54.50.

Chart 1: Frontline (FRO): Monthly chart