INVITATION HOMES INC (NYSE:INVH) showing some interesting technicals. Here's why.

Our stockscreener has identified a possible breakout setup on INVITATION HOMES INC (NYSE:INVH). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:INVH for potential opportunities.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, INVH scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, INVH is only an average performer.

• The long and short term trends are both positive. This is looking good!
• INVH 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 performance of all stocks over the past year, INVH turns out to be only a medium performer in the overall market: it outperformed 46% of all stocks.
• In the last month INVH has a been trading in a tight range between 34.80 and 36.52.

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

Why is NYSE:INVH a setup?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:INVH currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

INVH 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 36.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.76, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for INVH in the last couple of days, which is a good sign.

Trading setups like NYSE:INVH

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.