Technical Setup: CONAGRA BRANDS INC Appears Poised for a Breakout.

Our stock screener has detected a potential breakout setup on CONAGRA BRANDS INC (NYSE:CAG). 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:CAG.

In-Depth Technical Analysis of NYSE:CAG

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall CAG gets a technical rating of 7 out of 10. Although CAG 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 and short term trends are both positive. This is looking good!
• CAG 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 CAG is performing more or less in line with the market.
• In the last month CAG has a been trading in the 28.91 - 31.37 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the performance of all stocks over the past year, CAG turns out to be only a medium performer in the overall market: it outperformed 40% of all stocks.
• CAG is an average performer in the Food Products industry, it outperforms 68% of 91 stocks in the same industry.

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

Why is NYSE:CAG a setup?

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:CAG scores a 9 out of 10:

Besides having an excellent technical rating, CAG 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 31.13. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 30.23, 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:CAG

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.

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 article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.