Uncovering Noteworthy Technical Analysis Findings for CARETRUST REIT INC (NYSE:CTRE).

Our stockscreener has identified a possible breakout setup on CARETRUST REIT INC (NYSE:CTRE). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:CTRE for potential opportunities.

Deciphering the Technical Picture of NYSE:CTRE

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

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

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that CTRE is one of the better performing stocks in the market, outperforming 91% of all stocks. On top of that, CTRE also shows a nice and consistent pattern of rising prices.
• CTRE is one of the better performing stocks in the Diversified REITs industry, it outperforms 91% of 127 stocks in the same industry.
• CTRE is currently making a new 52 week high. This is a strong signal. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so CTRE is leading the market.
• In the last month CTRE has a been trading in the 25.70 - 27.96 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of CTRE for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:CTRE currently has a 9 as setup rating:

Besides having an excellent technical rating, CTRE also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 27.45. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.98, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CTRE in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.

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.