DOXIMITY INC-CLASS A is showing promising signs of setting up for a breakout.

Our stock screener has spotted DOXIMITY INC-CLASS A (NYSE:DOCS) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:DOCS.

Deciphering the Technical Picture of NYSE:DOCS

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

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

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, DOCS did better than 95% of all other stocks. We also observe that the gains produced by DOCS over the past year are nicely spread over this period.
• DOCS is part of the Health Care Technology industry. There are 39 other stocks in this industry. DOCS outperforms 92% of them.
• DOCS is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so DOCS is leading the market.
• In the last month DOCS has a been trading in the 34.34 - 37.55 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.

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

How does the Setup look for NYSE:DOCS

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:DOCS exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, DOCS 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 36.94. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 36.44, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for DOCS in the last couple of days, which is a good sign.

How to trade NYSE:DOCS?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

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

Disclaimer

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.