US BANCORP (NYSE:USB) showing some interesting technicals. Here's why.

Our stock screener has flagged US BANCORP (NYSE:USB) 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:USB for potential movement.

What is the technical picture of NYSE:USB 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, USB scores 7 out of 10 in our technical rating. Although USB is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• In the last month USB has a been trading in the 31.41 - 38.10 range, which is quite wide. It is currently trading near the high of this range.
• USB is an average performer in the Banks industry, it outperforms 54% of 416 stocks in the same industry.
• USB is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so USB is lagging the market.

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

How does the Setup look for NYSE:USB

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:USB scores a 8 out of 10:

USB has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 37.24, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:USB?

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

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.