Technical Insights for HOWMET AEROSPACE INC (NYSE:HWM): Is a Breakout Imminent?

Our stock screener has identified HOWMET AEROSPACE INC (NYSE:HWM) 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 NYSE:HWM.

Technical analysis of NYSE:HWM

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

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

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that HWM is one of the better performing stocks in the market, outperforming 96% of all stocks. On top of that, HWM also shows a nice and consistent pattern of rising prices.
• HWM is one of the better performing stocks in the Aerospace & Defense industry, it outperforms 85% of 65 stocks in the same industry.
• HWM is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so HWM is leading the market.
• In the last month HWM has a been trading in the 122.72 - 140.55 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 HWM contains the most current technical analsysis.

Why is NYSE:HWM a setup?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:HWM is 9:

Besides having an excellent technical rating, HWM 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 133.95, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NYSE:HWM

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.

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.

Our Breakout screener lists more breakout setups and is updated daily.

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.