Good technical signals and a possible breakout for RYAN SPECIALTY HOLDINGS INC.

RYAN SPECIALTY HOLDINGS INC (NYSE:RYAN) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:RYAN.

Analyzing the Technical Aspects

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

We assign a technical rating of 10 out of 10 to RYAN. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, RYAN 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, RYAN did better than 89% of all other stocks. We also observe that the gains produced by RYAN over the past year are nicely spread over this period.
• RYAN is one of the better performing stocks in the Insurance industry, it outperforms 85% of 141 stocks in the same industry.
• RYAN 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 RYAN is performing more or less in line with the market.
• In the last month RYAN has a been trading in the 55.67 - 59.98 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.

Check the latest full technical report of RYAN 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. NYSE:RYAN scores a 10 out of 10:

RYAN has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 58.72, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for RYAN in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:RYAN be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:RYAN 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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

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.