Good technical signals and a possible breakout for NOVARTIS AG-SPONSORED ADR.

Our stock screener has identified NOVARTIS AG-SPONSORED ADR (NYSE:NVS) 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:NVS.

In-Depth Technical Analysis of NYSE:NVS

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, NVS 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, NVS is only an average performer.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• NVS is part of the Pharmaceuticals industry. There are 195 other stocks in this industry. NVS outperforms 70% of them.
• NVS is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NVS is performing more or less in line with the market.
• In the last month NVS has a been trading in the 105.72 - 113.00 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Looking at the yearly performance, NVS did better than 73% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

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

Why is NYSE:NVS a setup?

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 NYSE:NVS is 8:

NVS 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 112.87. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 108.71, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:NVS

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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

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.