Uncovering Noteworthy Technical Analysis Findings for ALLY FINANCIAL INC (NYSE:ALLY).

We've identified ALLY FINANCIAL INC (NYSE:ALLY) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:ALLY for further developments.

In-Depth Technical Analysis of NYSE:ALLY

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.

We assign a technical rating of 10 out of 10 to ALLY. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ALLY is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, ALLY did better than 90% of all other stocks. We also observe that the gains produced by ALLY over the past year are nicely spread over this period.
• ALLY is part of the Consumer Finance industry. There are 52 other stocks in this industry. ALLY outperforms 84% of them.
• ALLY is currently making a new 52 week high. This is a strong signal. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month ALLY has a been trading in the 35.36 - 38.94 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 ALLY

Why is NYSE:ALLY 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:ALLY is 9:

Besides having an excellent technical rating, ALLY also presents a decent setup pattern. Prices have been consolidating lately. There is a support zone below the current price at 37.23, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ALLY in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:ALLY be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. 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.