NVENT ELECTRIC PLC is setting up nicely for a breakout.

Our stock screener has identified NVENT ELECTRIC PLC (NYSE:NVT) 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:NVT.

Analyzing the Technical Aspects

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, NVT scores 8 out of 10 in our technical rating. In the last year, NVT was one of the better performers in the market. There are positive signs in the very recent evolution, but the medium term picture is slightly mixed.

• 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 yearly performance of all stocks, we notice that NVT is one of the better performing stocks in the market, outperforming 83% of all stocks.
• NVT is part of the Electrical Equipment industry. There are 91 other stocks in this industry. NVT outperforms 71% of them.
• NVT is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so NVT is lagging the market.
• In the last month NVT has a been trading in the 66.28 - 78.85 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Why is NYSE:NVT a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:NVT has a 9 as its setup rating:

Besides having an excellent technical rating, NVT also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 72.27, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NVT in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:NVT be traded?

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

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.