The question on everyone's mind: Will BERRY GLOBAL GROUP INC breakout?

Our stock screener has detected a potential breakout setup on BERRY GLOBAL GROUP INC (NYSE:BERY). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:BERY.

Technical analysis of NYSE:BERY

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.

Overall BERY gets a technical rating of 8 out of 10. Although BERY is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the performance of all stocks over the past year, BERY turns out to be only a medium performer in the overall market: it outperformed 53% of all stocks.
• BERY is an average performer in the Containers & Packaging industry, it outperforms 57% of 22 stocks in the same industry.
• BERY is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so BERY is lagging the market.
• In the last month BERY has a been trading in the 59.70 - 66.75 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How do we evaluate the setup for NYSE:BERY?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:BERY has a 9 as its setup rating, indicating its current consolidation status.

BERY has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 64.89. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 64.69, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BERY in the last couple of days, which is a good sign.

How to trade NYSE:BERY?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

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.