Indications Suggest NASDAQ:NCNO Could Be on the Verge of a Breakout.

NCINO INC (NASDAQ:NCNO) 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:NCNO.

Technical Analysis Observations

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to NCNO. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, NCNO is only an average performer.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the performance of all stocks over the past year, NCNO turns out to be only a medium performer in the overall market: it outperformed 62% of all stocks.
• NCNO is an average performer in the Software industry, it outperforms 62% of 284 stocks in the same industry.
• NCNO is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so NCNO is lagging the market slightly.
• In the last month NCNO has a been trading in the 30.45 - 34.01 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How do we evaluate the setup for NASDAQ:NCNO?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:NCNO is 9:

Besides having an excellent technical rating, NCNO also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 33.35. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 31.73, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NASDAQ:NCNO 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.

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.