In-Depth Technical Analysis of SOUTHERN CO/THE.

Our stockscreener has identified a possible breakout setup on SOUTHERN CO/THE (NYSE:SO). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SO for potential opportunities.

Deciphering the Technical Picture of NYSE:SO

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 SO gets a technical rating of 9 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SO is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that SO is one of the better performing stocks in the market, outperforming 79% of all stocks. We also observe that the gains produced by SO over the past year are nicely spread over this period.
• SO is one of the better performing stocks in the Electric Utilities industry, it outperforms 86% of 47 stocks in the same industry.
• SO is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month SO has a been trading in a tight range between 88.00 and 91.86.

Check the latest full technical report of SO 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:SO scores a 9 out of 10:

SO has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 90.72. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 90.43, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SO in the last couple of days, which is a good sign.

How can NYSE:SO 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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

More breakout setups can be found 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.