Technical Insights for TRANE TECHNOLOGIES PLC (NYSE:TT): Is a Breakout Imminent?

Our stock screener has spotted TRANE TECHNOLOGIES PLC (NYSE:TT) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:TT.

What is the technical picture of NYSE:TT telling us.

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.

Overall TT gets a technical rating of 9 out of 10. In the last year, TT was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that TT is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, TT also shows a nice and consistent pattern of rising prices.
• TT is one of the better performing stocks in the Building Products industry, it outperforms 97% of 40 stocks in the same industry.
• TT 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 TT has a been trading in the 315.65 - 338.09 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

How does the Setup look for NYSE:TT

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:TT has a 10 as its setup rating, indicating its current consolidation status.

TT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 332.92. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 322.65, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for TT in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.