BLUE OWL CAPITAL INC (NYSE:OWL) showing some interesting technicals. Here's why.

We've identified BLUE OWL CAPITAL INC (NYSE:OWL) 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:OWL for further developments.

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

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.

We assign a technical rating of 10 out of 10 to OWL. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, OWL is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, OWL did better than 92% of all other stocks. On top of that, OWL also shows a nice and consistent pattern of rising prices.
• OWL is part of the Capital Markets industry. There are 220 other stocks in this industry. OWL outperforms 92% of them.
• OWL 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 OWL is lagging the market slightly.
• In the last month OWL has a been trading in the 22.71 - 25.00 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.

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

Why is NYSE:OWL 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:OWL has a 9 as its setup rating:

OWL has an excellent technical rating and 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 24.55. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.99, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for OWL in the last couple of days, which is a good sign.

How can NYSE:OWL 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.

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.

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

Keep in mind

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.