Good technical signals and a possible breakout for REMITLY GLOBAL INC.

Our stock screener has detected a potential breakout setup on REMITLY GLOBAL INC (NASDAQ:RELY). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:RELY.

Deciphering the Technical Picture of NASDAQ:RELY

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Overall RELY gets a technical rating of 9 out of 10. Both in the recent history as in the last year, RELY 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.
• RELY is part of the Financial Services industry. There are 102 other stocks in this industry. RELY outperforms 79% of them.
• RELY is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so RELY is leading the market.
• In the last month RELY has a been trading in the 21.75 - 23.74 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.
• Looking at the yearly performance, RELY did better than 87% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.

Check the latest full technical report of RELY for a complete technical analysis.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:RELY scores a 9 out of 10:

RELY has an excellent technical rating and 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 a resistance zone just above the current price starting at 23.26. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.10, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for RELY in the last couple of days, which is a good sign.

How to trade NASDAQ:RELY?

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.

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.

More breakout setups can be found 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.