NASDAQ:HALO Shows Potential for a Breakout.

Our stock screener has identified HALOZYME THERAPEUTICS INC (NASDAQ:HALO) 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:HALO.

What is the technical picture of NASDAQ:HALO telling us.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 9 out of 10 to HALO. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, HALO is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• HALO is one of the better performing stocks in the Biotechnology industry, it outperforms 89% of 575 stocks in the same industry.
• HALO 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.
• In the last month HALO has a been trading in the 48.25 - 53.22 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the yearly performance of all stocks, we notice that HALO is one of the better performing stocks in the market, outperforming 93% of all stocks. However, this overall good ranking is mostly due to the recent strong move.

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

How do we evaluate the setup for NASDAQ:HALO?

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 NASDAQ:HALO is 9:

HALO 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 52.56. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 52.41, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. 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.