TRANE TECHNOLOGIES PLC is showing promising signs of setting up for a breakout.

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

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

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, TT scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, TT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, TT did better than 95% of all other stocks. On top of that, TT also shows a nice and consistent pattern of rising prices.
• TT is part of the Building Products industry. There are 40 other stocks in this industry. TT outperforms 97% of them.
• 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

Why is NYSE:TT 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:TT is 10:

TT 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 332.92. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 327.48, 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 setups like NYSE:TT

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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.