Will EXACT SCIENCES CORP breakout?

EXACT SCIENCES CORP (NASDAQ:EXAS) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:EXAS.

Deciphering the Technical Picture of NASDAQ:EXAS

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

We assign a technical rating of 8 out of 10 to EXAS. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, EXAS is only an average performer.

• The long and short term trends are both positive. This is looking good!
• EXAS 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 EXAS is lagging the market slightly.
• In the last month EXAS has a been trading in the 66.33 - 71.99 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.
• When comparing the performance of all stocks over the past year, EXAS turns out to be only a medium performer in the overall market: it outperformed 60% of all stocks.
• EXAS is part of the Biotechnology industry. There are 566 other stocks in this industry, EXAS did better than 66% of them.

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

How do we evaluate the setup for NASDAQ:EXAS?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:EXAS has a 9 as its setup rating:

Besides having an excellent technical rating, EXAS also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 70.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 69.48, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

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.