Promising Signs: ATMUS FILTRATION TECHNOLOGIE Setting the Stage for a Breakout.

Our stock screener has spotted ATMUS FILTRATION TECHNOLOGIE (NYSE:ATMU) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:ATMU.

What is the technical picture of NYSE:ATMU telling us.

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.

We assign a technical rating of 9 out of 10 to ATMU. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ATMU is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• ATMU is part of the Machinery industry. There are 132 other stocks in this industry. ATMU outperforms 80% of them.
• ATMU 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 ATMU is performing more or less in line with the market.
• In the last month ATMU has a been trading in the 28.00 - 32.23 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.
• Looking at the yearly performance, ATMU did better than 87% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
• Volume is considerably higher in the last couple of days.

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

How do we evaluate the setup for NYSE:ATMU?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:ATMU is 8:

ATMU has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 31.19. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 30.72, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:ATMU

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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

Disclaimer

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.