Will HALOZYME THERAPEUTICS INC Break Out? A Technical Analysis Perspective.

HALOZYME THERAPEUTICS INC (NASDAQ:HALO) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:HALO.

Analyzing the Technical Aspects

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

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 84% of 577 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.
• When comparing the yearly performance of all stocks, we notice that HALO is one of the better performing stocks in the market, outperforming 91% of all stocks. However, this relatively good performance is mostly due to a recent big move.
• In the last month HALO has a been trading in the 50.68 - 55.82 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of HALO contains the most current technical analsysis.

Why is NASDAQ:HALO a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:HALO has a 9 as its setup rating, indicating its current consolidation status.

HALO has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 53.51, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:HALO?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found 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.