Promising Signs: BROOKFIELD CORP Setting the Stage 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.

Analyzing the Technical Aspects

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall BN gets a technical rating of 8 out of 10. In the last year, BN was one of the better performers, but we do observe some doubts in the very recent evolution.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• When comparing the yearly performance of all stocks, we notice that BN is one of the better performing stocks in the market, outperforming 87% of all stocks. We also observe that the gains produced by BN over the past year are nicely spread over this period.
• BN is part of the Capital Markets industry. There are 224 other stocks in this industry. BN outperforms 87% of them.
• BN 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.
• In the last month BN has a been trading in the 56.63 - 62.78 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.

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

How does the Setup look for NYSE:BN

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

BN 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 61.40. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.68, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:BN

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed 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.

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.