FORTUNE BRANDS INNOVATIONS I (NYSE:FBIN) showing some interesting technicals. Here's why.

Our stock screener has detected a potential breakout setup on FORTUNE BRANDS INNOVATIONS I (NYSE:FBIN). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:FBIN.

Technical Analysis Observations

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Overall FBIN gets a technical rating of 9 out of 10. Both in the recent history as in the last year, FBIN has proven to be a steady performer, scoring decent points in every aspect analyzed.

• 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.
• Looking at the yearly performance, FBIN did better than 82% of all other stocks. We also observe that the gains produced by FBIN over the past year are nicely spread over this period.
• FBIN 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 FBIN is lagging the market slightly.
• In the last month FBIN has a been trading in the 78.43 - 83.85 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 FBIN for a complete technical analysis.

How does the Setup look for NYSE:FBIN

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:FBIN currently has a 10 as setup rating:

Besides having an excellent technical rating, FBIN also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 82.91. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 81.33, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FBIN in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:FBIN be traded?

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.

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.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.