There are signs that NYSE:CAG may be ready to breakout.

Our stock screener has identified CONAGRA BRANDS INC (NYSE:CAG) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:CAG.

Technical Analysis Observations

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.

Taking everything into account, CAG scores 7 out of 10 in our technical rating. CAG has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.

• Both the short term and long term trends are positive. This is a very positive sign.
• CAG is part of the Food Products industry. There are 92 other stocks in this industry. CAG outperforms 70% of them.
• CAG 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 CAG is lagging the market slightly.
• In the last month CAG has a been trading in the 29.59 - 31.73 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 49% of all stocks.

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

Why is NYSE:CAG a setup?

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:CAG has a 9 as its setup rating:

Besides having an excellent technical rating, CAG 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 31.21. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 30.98, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CAG in the last couple of days, which is a good sign.

How can NYSE:CAG be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.