Interesting Technical Analysis finding for DOXIMITY INC-CLASS A (NYSE:DOCS)

We've identified DOXIMITY INC-CLASS A (NYSE:DOCS) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:DOCS for further developments.

Analyzing the Technical Aspects

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

Taking everything into account, DOCS scores 10 out of 10 in our technical rating. 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.

• The long and short term trends are both positive. This is looking good!
• 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 one of the better performing stocks in the Health Care Technology industry, it outperforms 94% of 38 stocks in the same industry.
• DOCS 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 DOCS has a been trading in the 40.57 - 44.88 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

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

How do we evaluate the setup 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. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 43.84. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 43.48, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:DOCS be traded?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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.