A technical analysis of MANULIFE FINANCIAL CORP.

Our stock screener has flagged MANULIFE FINANCIAL CORP (NYSE:MFC) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:MFC for potential movement.

Technical analysis of NYSE:MFC

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Overall MFC gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MFC 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 MFC is one of the better performing stocks in the market, outperforming 90% of all stocks. On top of that, MFC also shows a nice and consistent pattern of rising prices.
• MFC is one of the better performing stocks in the Insurance industry, it outperforms 89% of 140 stocks in the same industry.
• A new 52 week high is currently being made by MFC, which is a very good signal! However, this is in line with the S&P500, which is also trading near new highs.
• In the last month MFC has a been trading in the 24.73 - 26.89 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

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

Looking at the 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:MFC is 9:

MFC 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 a resistance zone just above the current price starting at 26.69. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 26.04, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for MFC in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

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

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.