Technical Setup: ALLSTATE CORP Appears Poised for a Breakout.

A possible breakout setup was detected on ALLSTATE CORP (NYSE:ALL) 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:ALL.

Analyzing the Technical Aspects

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

We assign a technical rating of 10 out of 10 to ALL. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ALL 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 ALL is one of the better performing stocks in the market, outperforming 92% of all stocks. We also observe that the gains produced by ALL over the past year are nicely spread over this period.
• ALL is part of the Insurance industry. There are 140 other stocks in this industry. ALL outperforms 88% of them.
• ALL is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so ALL is performing more or less in line with the market.
• In the last month ALL has a been trading in the 158.04 - 180.87 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 ALL contains the most current technical analsysis.

Why is NYSE:ALL a setup?

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:ALL has a 8 as its setup rating:

ALL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 175.41. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 169.38, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ALL in the last couple of days, which is a good sign.

Trading setups like NYSE:ALL

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.