Good technical signals and a possible breakout for ACADEMY SPORTS & OUTDOORS IN.

ACADEMY SPORTS & OUTDOORS IN (ASO)       58.755   +0.34 (+0.57%)


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Good technical signals and a possible breakout for ACADEMY SPORTS & OUTDOORS IN.8 days ago - Chartmill

ACADEMY SPORTS & OUTDOORS IN (NASDAQ:ASO) 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 NASDAQ:ASO.

ASO Daily chart on 2023-01-24

Technical analysis of NASDAQ:ASO

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 10 out of 10 to ASO. Both in the recent history as in the last year, ASO 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.
  • When comparing the yearly performance of all stocks, we notice that ASO is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, ASO also shows a nice and consistent pattern of rising prices.
  • ASO is one of the better performing stocks in the Specialty Retail industry, it outperforms 92% of 116 stocks in the same industry.
  • ASO is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • In the last month ASO has a been trading in the 49.31 - 56.63 range, which is quite wide. It is currently trading near the high of this range.

How do we evaluate the setup for NASDAQ:ASO?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:ASO currently has a 9 as setup rating:

ASO has an excellent technical rating and 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 very little resistance above the current price. There is a support zone below the current price at 53.74, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ASO in the last couple of days, which is a good sign.

How to trade NASDAQ:ASO?

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.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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