Promising Signs: OPTION CARE HEALTH INC Setting the Stage for a Breakout.

Our stock screener has identified OPTION CARE HEALTH INC (NASDAQ:OPCH) 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 NASDAQ:OPCH.

Deciphering the Technical Picture of NASDAQ:OPCH

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, OPCH scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, OPCH has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• OPCH is part of the Health Care Providers & Services industry. There are 108 other stocks in this industry. OPCH outperforms 75% of them.
• OPCH 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 OPCH is performing more or less in line with the market.
• When comparing the yearly performance of all stocks, we notice that OPCH is one of the better performing stocks in the market, outperforming 86% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• In the last month OPCH has a been trading in the 30.32 - 32.57 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 OPCH contains the most current technical analsysis.

Looking at the Setup

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. NASDAQ:OPCH currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, OPCH also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. We notice that large players showed an interest for OPCH in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:OPCH

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.

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.

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

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.