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ARES MANAGEMENT CORP - A is showing promising signs of setting up for a breakout.

By Mill Chart

Last update: Apr 10, 2024

Our stockscreener has identified a possible breakout setup on ARES MANAGEMENT CORP - A (NYSE:ARES). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:ARES for potential opportunities.

ARES Daily chart on 2024-04-10

Technical analysis of NYSE:ARES

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

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

  • 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 ARES is one of the better performing stocks in the market, outperforming 89% of all stocks. We also observe that the gains produced by ARES over the past year are nicely spread over this period.
  • ARES is part of the Capital Markets industry. There are 208 other stocks in this industry. ARES outperforms 94% of them.
  • ARES 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.
  • ARES is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:ARES has a 10 as its setup rating, indicating its current consolidation status.

ARES has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 136.72. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 133.22, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ARES in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

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.

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.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

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.

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ARES MANAGEMENT CORP - A

NYSE:ARES (5/29/2024, 7:04:00 PM)

Premarket: 142 -0.17 (-0.12%)

142.17

-2.17 (-1.5%)

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