Interesting Technical Analysis finding for PINNACLE WEST CAPITAL (NYSE:PNW)

Our stock screener has identified PINNACLE WEST CAPITAL (NYSE:PNW) 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:PNW.

Insights from Technical Analysis

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, PNW scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, PNW is showing a nice and steady performance.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, PNW did better than 90% of all other stocks. On top of that, PNW also shows a nice and consistent pattern of rising prices.
• PNW is part of the Electric Utilities industry. There are 46 other stocks in this industry. PNW outperforms 75% of them.
• PNW is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
• In the last month PNW has a been trading in the 86.55 - 96.50 range, which is quite wide. It is currently trading near the high of this range.

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

How do we evaluate the setup for PNW?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, PNW exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

PNW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 94.28. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 92.92, a Stop Loss order could be placed below this zone.

Trading breakout setups.

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.

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.