NYSE:BN Shows Potential for a Breakout.

Our stockscreener has identified a possible breakout setup on BROOKFIELD CORP (NYSE:BN). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:BN for potential opportunities.

Insights from Technical Analysis

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall BN gets a technical rating of 7 out of 10. Although BN is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• 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.
• BN is one of the better performing stocks in the Capital Markets industry, it outperforms 84% of 209 stocks in the same industry.
• BN 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 BN is lagging the market slightly.
• Looking at the yearly performance, BN did better than 78% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
• In the last month BN has a been trading in the 38.23 - 41.59 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 BN

Why is NYSE:BN a 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:BN currently has a 9 as setup rating:

BN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 40.74. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.08, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:BN

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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 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.