Is SPIRIT AEROSYSTEMS HOLD-CL A Ready to Break Out of Its Range?

Our stockscreener has identified a possible breakout setup on SPIRIT AEROSYSTEMS HOLD-CL A (NYSE:SPR). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:SPR for potential opportunities.

Insights from Technical Analysis

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.

Taking everything into account, SPR scores 8 out of 10 in our technical rating. In the last year, SPR was one of the better performers in the market. There are positive signs in the very recent evolution, but the medium term picture is slightly mixed.

• The long and short term trends are both positive. This is looking good!
• SPR 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 SPR is performing more or less in line with the market.
• When comparing the yearly performance of all stocks, we notice that SPR is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
• SPR is an average performer in the Aerospace & Defense industry, it outperforms 57% of 65 stocks in the same industry.
• In the last month SPR has a been trading in the 32.18 - 34.43 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How does the Setup look for NYSE:SPR

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:SPR currently holds a 10 as its setup rating, suggesting a particular level of consolidation in the stock.

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. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 33.68, 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. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:SPR be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Keep in mind

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.