The question on everyone's mind: Will KENVUE INC breakout?

KENVUE INC (NYSE:KVUE) 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 NYSE:KVUE.

In-Depth Technical Analysis of NYSE:KVUE

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

Overall KVUE gets a technical rating of 8 out of 10. Although KVUE is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• KVUE is part of the Personal Care Products industry. There are 37 other stocks in this industry. KVUE outperforms 80% of them.
• KVUE 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 KVUE has a been trading in the 19.91 - 22.24 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, KVUE did better than 70% of all other 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 KVUE

Looking at the Setup

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:KVUE exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, KVUE also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 22.11. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.09, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:KVUE be traded?

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.

Of course, there are many ways to trade or not trade NYSE:KVUE and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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.