Good technical signals and a possible breakout for CADENCE BANK.

CADENCE BANK (CADE)       29.03   +0.19 (+0.66%)


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Good technical signals and a possible breakout for CADENCE BANK.7 days ago - Chartmill

CADENCE BANK (NYSE:CADE) 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:CADE.

CADE Daily chart on 2022-11-24

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

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

Taking everything into account, CADE scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CADE is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • In the last month CADE has a been trading in the 26.18 - 29.41 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, CADE did better than 82% of all other stocks. However, this overall performance is mostly based on the strong move around 7 months ago.
  • CADE is an average performer in the Banks industry, it outperforms 58% of 319 stocks in the same industry.
  • CADE is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.

Looking at the Setup

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:CADE scores a 9 out of 10:

CADE has an excellent technical rating and 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 28.86. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 28.68, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CADE in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:CADE?

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.

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.

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

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