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Good technical signals and a possible breakout for CADENCE BANK.

By Mill Chart

Last update: Nov 28, 2022

A possible breakout setup was detected on CADENCE BANK (NYSE:CADE) 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:CADE.

CADE Daily chart on 2022-11-28

Technical analysis of NYSE:CADE

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.

We assign a technical rating of 8 out of 10 to CADE. Although CADE is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • 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 322 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

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. NYSE:CADE currently has a 9 as setup rating:

Besides having an excellent technical rating, CADE 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 28.91. 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. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:CADE be traded?

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.

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

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CADENCE BANK

NYSE:CADE (3/28/2024, 10:28:46 AM)

28.98

+0.04 (+0.14%)

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