VORNADO REALTY TRUST is showing promising signs of setting up for a breakout.

Our stock screener has detected a potential breakout setup on VORNADO REALTY TRUST (NYSE:VNO). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NYSE:VNO.

Technical analysis of NYSE:VNO

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.

We assign a technical rating of 10 out of 10 to VNO. Both in the recent history as in the last year, VNO has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, VNO did better than 95% of all other stocks. We also observe that the gains produced by VNO over the past year are nicely spread over this period.
• VNO is one of the better performing stocks in the Diversified REITs industry, it outperforms 99% of 130 stocks in the same industry.
• VNO 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 VNO has a been trading in the 37.16 - 40.37 range, which is quite wide. It is currently trading near the high of this range.

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

Why is NYSE:VNO a setup?

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:VNO currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, VNO 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 40.06. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 40.04, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:VNO

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

Every day, new breakout setups can be found on ChartMill 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.