NYSE:AXTA may be ready to breakout.

AXALTA COATING SYSTEMS LTD (AXTA)       30.21   +0.11 (+0.37%)


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NYSE:AXTA may be ready to breakout.7 days ago - Chartmill

A possible breakout setup was detected on AXALTA COATING SYSTEMS LTD (NYSE:AXTA) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:AXTA.

AXTA Daily chart on 2023-01-25

What is the technical picture of NYSE:AXTA telling us.

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

Overall AXTA gets a technical rating of 8 out of 10. Although AXTA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • AXTA is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so AXTA slightly outperforms the market at the moment.
  • In the last month AXTA has a been trading in the 25.19 - 28.00 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, AXTA did better than 76% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
  • AXTA is an average performer in the Chemicals industry, it outperforms 63% of 122 stocks in the same industry.
  • Volume is considerably higher in the last couple of days.

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:AXTA this score is currently 9:

AXTA has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 27.54. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 27.22, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:AXTA be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:AXTA 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.

More breakout setups can be found in our Breakout analyzer.

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