ASSOCIATED BANC-CORP (NYSE:ASB) Technical Analysis observations.

ASSOCIATED BANC-CORP (NYSE:ASB) 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:ASB.

Technical Analysis Observations

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 7 out of 10 to ASB. Although ASB is only a medium 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!
• ASB is part of the Banks industry. There are 415 other stocks in this industry. ASB outperforms 75% of them.
• ASB is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so ASB is lagging the market slightly.
• In the last month ASB has a been trading in the 19.94 - 21.59 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, ASB outperforms 62% of them, which is more or less in line with the market.

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

Looking at the Setup

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:ASB this score is currently 9:

Besides having an excellent technical rating, ASB also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 21.65. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 20.82, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:ASB be traded?

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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

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.