Good technical signals and a possible breakout for BJ'S WHOLESALE CLUB HOLDINGS.

BJ'S WHOLESALE CLUB HOLDINGS (BJ)       72.81   -1.66 (-2.23%)

After market: 72.81 0 (0%)


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Good technical signals and a possible breakout for BJ'S WHOLESALE CLUB HOLDINGS.2 months ago - Chartmill

BJ'S WHOLESALE CLUB HOLDINGS (NYSE:BJ) 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:BJ.

BJ Daily chart on 2022-08-04

Technical analysis of NYSE:BJ

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.

Taking everything into account, BJ scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BJ is showing a nice and steady performance.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that BJ is one of the better performing stocks in the market, outperforming 95% of all stocks. On top of that, BJ also shows a nice and consistent pattern of rising prices.
  • BJ is part of the Food & Staples Retailing industry. There are 46 other stocks in this industry. BJ outperforms 89% of them.
  • BJ 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 BJ slightly outperforms the market at the moment.
  • BJ 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.

How does the Setup look for NYSE:BJ

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:BJ scores a 9 out of 10:

BJ 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 69.61. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 68.7, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

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.

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.

More breakout setups can be found in our Breakout analyzer.

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