Will SPIRIT AEROSYSTEMS HOLD-CL A breakout?

Our stock screener has detected a potential breakout setup on SPIRIT AEROSYSTEMS HOLD-CL A (NYSE:SPR). 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 NYSE:SPR.

Deciphering the Technical Picture of NYSE:SPR

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.

We assign a technical rating of 10 out of 10 to SPR. Both in the recent history as in the last year, SPR 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.
• Looking at the yearly performance, SPR did better than 93% of all other stocks. We also observe that the gains produced by SPR over the past year are nicely spread over this period.
• SPR is one of the better performing stocks in the Aerospace & Defense industry, it outperforms 79% of 64 stocks in the same industry.
• SPR 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 SPR has a been trading in the 32.80 - 35.39 range, which is quite wide. It is currently trading near the high of this range.

For an up to date full technical analysis you can check the technical report of SPR

Why is NYSE:SPR a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:SPR is 8:

SPR 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 34.93, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SPR in the last couple of days, which is a good sign.

How can NYSE:SPR be traded?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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

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.