NVENT ELECTRIC PLC is showing promising signs of setting up for a breakout.

We've identified NVENT ELECTRIC PLC (NYSE:NVT) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:NVT for further developments.

What is the technical picture of NYSE:NVT telling us.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 10 out of 10 to NVT. Both in the recent history as in the last year, NVT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that NVT is one of the better performing stocks in the market, outperforming 84% of all stocks.
• NVT is part of the Electrical Equipment industry. There are 90 other stocks in this industry. NVT outperforms 73% of them.
• NVT is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so NVT is lagging the market slightly.
• In the last month NVT has a been trading in the 66.28 - 79.02 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

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

How do we evaluate the setup for NYSE:NVT?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:NVT currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, NVT also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 75.59, 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. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:NVT be traded?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill 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.