EDISON INTERNATIONAL (NYSE:EIX) showing some interesting technicals. Here's why.

A possible breakout setup was detected on EDISON INTERNATIONAL (NYSE:EIX) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:EIX.

Technical Analysis Observations

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 8 out of 10 to EIX. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, EIX is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, EIX did better than 77% of all other stocks. On top of that, EIX also shows a nice and consistent pattern of rising prices.
• EIX is one of the better performing stocks in the Electric Utilities industry, it outperforms 80% of 47 stocks in the same industry.
• EIX is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so EIX is lagging the market slightly.
• In the last month EIX has a been trading in the 82.96 - 88.07 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 EIX contains the most current technical analsysis.

How does the Setup look for NYSE:EIX

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:EIX scores a 9 out of 10:

EIX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 87.03. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 85.51, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:EIX

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.

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

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.