GFL ENVIRONMENTAL INC-SUB VT (NYSE:GFL) showing some interesting technicals. Here's why.

Our stock screener has flagged GFL ENVIRONMENTAL INC-SUB VT (NYSE:GFL) 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:GFL for potential movement.

Technical Analysis Observations

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, GFL scores 8 out of 10 in our technical rating. Although GFL 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!
• Looking at the yearly performance, GFL did better than 71% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• GFL is part of the Commercial Services & Supplies industry. There are 82 other stocks in this industry, GFL did better than 61% of them.
• GFL is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so GFL is lagging the market.
• In the last month GFL has a been trading in the 32.15 - 34.87 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of GFL

How does the Setup look for NYSE:GFL

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:GFL exhibits a 10 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, GFL also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 33.85. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 33.31, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GFL 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 setups like NYSE:GFL

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

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