Indications Suggest NYSE:APG Could Be on the Verge of a Breakout.

Our stock screener has identified API GROUP CORP (NYSE:APG) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:APG.

Zooming in on the technicals.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, APG scores 7 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that APG is one of the better performing stocks in the market, outperforming 81% of all stocks.
• APG 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 APG is lagging the market slightly.
• APG is part of the Construction & Engineering industry. There are 41 other stocks in this industry, APG did better than 55% of them.
• In the last month APG has a been trading in the 36.22 - 39.47 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of APG

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:APG currently has a 9 as setup rating:

Besides having an excellent technical rating, APG 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 very little resistance above the current price. There is a support zone below the current price at 37.50, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for APG in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:APG be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

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.