Is BROOKFIELD ASSET MGMT-A Ready to Break Out of Its Range?

Our stock screener has flagged BROOKFIELD ASSET MGMT-A (NYSE:BAM) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:BAM for potential movement.

Technical analysis of NYSE:BAM

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.

Taking everything into account, BAM scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, BAM has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that BAM is one of the better performing stocks in the market, outperforming 89% of all stocks. We also observe that the gains produced by BAM over the past year are nicely spread over this period.
• BAM is one of the better performing stocks in the Capital Markets industry, it outperforms 85% of 220 stocks in the same industry.
• BAM is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• BAM is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

How do we evaluate the setup for NYSE:BAM?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:BAM scores a 9 out of 10:

BAM 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 57.56. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 55.46, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BAM in the last couple of days, which is a good sign.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.