EXELON CORP is showing promising signs of setting up for a breakout.

Our stock screener has identified EXELON CORP (NASDAQ:EXC) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:EXC.

Technical analysis of NASDAQ:EXC

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.

Taking everything into account, EXC scores 8 out of 10 in our technical rating. Although EXC is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• EXC 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.
• When comparing the performance of all stocks over the past year, EXC turns out to be only a medium performer in the overall market: it outperformed 42% of all stocks.
• In the last month EXC has a been trading in a tight range between 39.24 and 41.19.

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

How do we evaluate the setup for NASDAQ:EXC?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:EXC this score is currently 9:

EXC has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 40.95. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.25, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:EXC

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation 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.

Our Breakout screener lists more breakout setups and is updated daily.

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.