Based on good technical signals, CITIZENS FINANCIAL GROUP is potentially setting up for a breakout.

Our stock screener has identified CITIZENS FINANCIAL GROUP (NYSE:CFG) 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:CFG.

Insights from Technical Analysis

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall CFG gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CFG is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• CFG is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When compared to the yearly performance of all other stocks, CFG outperforms 53% of them, which is more or less in line with the market.
• CFG is an average performer in the Banks industry, it outperforms 42% of 415 stocks in the same industry.
• CFG is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so CFG is lagging the market.

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

How do we evaluate the setup for NYSE:CFG?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:CFG this score is currently 9:

Besides having an excellent technical rating, CFG also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 33.61. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.19, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CFG in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:CFG

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.

Of course, there are many ways to trade or not trade NYSE:CFG 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.

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.