REMITLY GLOBAL INC (NASDAQ:RELY) Reveals Intriguing Technical Aspects. Here's What You Need to Know.

REMITLY GLOBAL INC (NASDAQ:RELY) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:RELY.

Zooming in on the technicals.

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.

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 one of the better performing stocks in the Financial Services industry, it outperforms 81% of 102 stocks in the same industry.
• 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 22.11 - 24.09 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, RELY did better than 88% 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.

How does the Setup look for NASDAQ:RELY

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:RELY currently has a 9 as setup rating:

Besides having an excellent technical rating, RELY also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 23.85. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.54, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NASDAQ:RELY?

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.

Of course, there are many ways to trade or not trade NASDAQ:RELY and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

Disclaimer

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.