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Interesting Technical Analysis finding for API GROUP CORP (NYSE:APG)

By Mill Chart

Last update: Apr 3, 2024

API GROUP CORP (NYSE:APG) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:APG.

APG Daily chart on 2024-04-03

In-Depth Technical Analysis of NYSE:APG

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, APG scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, APG is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, APG did better than 93% of all other stocks. We also observe that the gains produced by APG over the past year are nicely spread over this period.
  • APG is part of the Construction & Engineering industry. There are 41 other stocks in this industry. APG outperforms 75% of them.
  • APG 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 APG has a been trading in the 37.48 - 39.95 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

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

How does the Setup look for NYSE:APG

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:APG this score is currently 9:

Besides having an excellent technical rating, APG also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 37.77, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for APG in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:APG and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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.

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API GROUP CORP

NYSE:APG (5/24/2024, 7:14:10 PM)

After market: 36.41 0 (0%)

36.41

+0.49 (+1.36%)

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