In-Depth Technical Analysis of COLUMBIA BANKING SYSTEM INC.

Our stock screener has flagged COLUMBIA BANKING SYSTEM INC (NASDAQ:COLB) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:COLB for potential movement.

Insights from Technical Analysis

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 9 out of 10 to COLB. Both in the recent history as in the last year, COLB has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that COLB is one of the better performing stocks in the market, outperforming 86% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• COLB is an average performer in the Banks industry, it outperforms 56% of 402 stocks in the same industry.
• COLB is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so COLB is lagging the market.
• In the last month COLB has a been trading in the 22.86 - 25.38 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How does the Setup look for NASDAQ:COLB

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

Besides having an excellent technical rating, COLB 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 very little resistance above the current price. There is a support zone below the current price at 23.16, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for COLB in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NASDAQ:COLB be traded?

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

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.