Technical Insights for BROOKFIELD ASSET MGMT-A (NYSE:BAM): Is a Breakout Imminent?

We've identified BROOKFIELD ASSET MGMT-A (NYSE:BAM) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:BAM for further developments.

Technical Analysis Observations

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.

We assign a technical rating of 8 out of 10 to BAM. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BAM is showing a nice and steady performance.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that BAM is one of the better performing stocks in the market, outperforming 74% of all stocks.
• BAM is part of the Capital Markets industry. There are 208 other stocks in this industry. BAM outperforms 76% of them.
• BAM 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 BAM is lagging the market slightly.
• In the last month BAM has a been trading in the 40.13 - 43.00 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 BAM contains the most current technical analsysis.

How do we evaluate the setup for NYSE:BAM?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:BAM has a 9 as its setup rating:

Besides having an excellent technical rating, BAM 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 42.36. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 41.65, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:BAM

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.

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.

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

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.