ELASTIC NV is showing promising signs of setting up for a breakout.

Our stock screener has flagged ELASTIC NV (NYSE:ESTC) 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 NYSE:ESTC for potential movement.

What is the technical picture of NYSE:ESTC telling us.

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.

Overall ESTC gets a technical rating of 7 out of 10. In the last year, ESTC was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that ESTC is one of the better performing stocks in the market, outperforming 93% of all stocks.
• ESTC is part of the Software industry. There are 284 other stocks in this industry. ESTC outperforms 86% of them.
• ESTC is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so ESTC is performing more or less in line with the market.
• In the last month ESTC has a been trading in the 108.56 - 123.96 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.

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

Looking at the Setup

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:ESTC is 9:

Besides having an excellent technical rating, ESTC also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 121.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 111.61, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:ESTC

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

More breakout setups can be found in our Breakout screener.

Disclaimer

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.