NYSE:UNM Shows Potential for a Breakout.

Our stock screener has flagged UNUM GROUP (NYSE:UNM) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:UNM for potential movement.

In-Depth Technical Analysis of NYSE:UNM

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, UNM scores 8 out of 10 in our technical rating. Both in the recent history as in the last year, UNM has proven to be a steady performer, scoring decent points in every aspect analyzed.

• 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 UNM is one of the better performing stocks in the market, outperforming 91% of all stocks.
• UNM is part of the Insurance industry. There are 144 other stocks in this industry. UNM outperforms 90% of them.
• UNM 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 UNM is performing more or less in line with the market.
• In the last month UNM has a been trading in the 73.66 - 79.43 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of UNM contains the most current technical analsysis.

Why is NYSE:UNM a setup?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:UNM is 9:

Besides having an excellent technical rating, UNM 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 76.90. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 75.78, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:UNM?

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.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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.