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CHUBB LTD is setting up nicely for a breakout.

By Mill Chart

Last update: Feb 1, 2023

A possible breakout setup was detected on CHUBB LTD (NYSE:CB) 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:CB.

CB Daily chart on 2023-02-01

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

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, CB scores 8 out of 10 in our technical rating. Although CB 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.
  • CB is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
  • In the last month CB has a been trading in the 202.67 - 231.37 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been consolidating recently, this may present a good entry opportunity.
  • Looking at the yearly performance, CB did better than 81% of all other stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
  • CB is an average performer in the Insurance industry, it outperforms 69% of 148 stocks in the same industry.

How do we evaluate the setup for NYSE:CB?

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:CB scores a 9 out of 10:

Besides having an excellent technical rating, CB also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 228.86. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 225.4, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CB 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 to trade NYSE:CB?

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.

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

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CHUBB LTD

NYSE:CB (3/27/2024, 8:04:21 PM)

After market: 258.5 0 (0%)

258.5

+2.42 (+0.95%)

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