Technical Insights for SIX FLAGS ENTERTAINMENT CORP (NYSE:FUN): Is a Breakout Imminent?

Our stock screener has flagged SIX FLAGS ENTERTAINMENT CORP (NYSE:FUN) 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:FUN for potential movement.

In-Depth Technical Analysis of NYSE:FUN

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.

We assign a technical rating of 7 out of 10 to FUN. In the last year, FUN was an average performer in the market. There are positive signs in the very recent evolution, but the medium term picture is still mixed.

• The long and short term trends are both positive. This is looking good!
• FUN is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• When compared to the yearly performance of all other stocks, FUN outperforms 67% of them, which is more or less in line with the market.
• FUN is an average performer in the Hotels, Restaurants & Leisure industry, it outperforms 57% of 135 stocks in the same industry.
• FUN is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so FUN is lagging the market.

Check the latest full technical report of FUN 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:FUN is 9:

Besides having an excellent technical rating, FUN also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 45.42, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FUN in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill 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.