Technical Setup: CARRIER GLOBAL CORP Appears Poised for a Breakout.

CARRIER GLOBAL CORP (NYSE:CARR) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:CARR.

Analyzing the Technical Aspects

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to CARR. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, CARR is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, CARR did better than 88% of all other stocks. We also observe that the gains produced by CARR over the past year are nicely spread over this period.
• CARR is one of the better performing stocks in the Building Products industry, it outperforms 71% of 40 stocks in the same industry.
• CARR 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 CARR has a been trading in the 60.97 - 66.37 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

For an up to date full technical analysis you can check the technical report of CARR

How do we evaluate the setup for NYSE:CARR?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:CARR is 9:

Besides having an excellent technical rating, CARR also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 65.65. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 63.98, 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:CARR

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.

Of course, there are many ways to trade or not trade NYSE:CARR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

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.