We've identified CYMABAY THERAPEUTICS INC (NASDAQ:CBAY) 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 NASDAQ:CBAY for further developments.
Technical analysis of NASDAQ:CBAY
At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.
Overall CBAY gets a technical rating of 10 out of 10. Both in the recent history as in the last year, CBAY has proven to be a steady performer, scoring decent points in every aspect analyzed.
- The long and short term trends are both positive. This is looking good!
- Looking at the yearly performance, CBAY did better than 98% of all other stocks. On top of that, CBAY also shows a nice and consistent pattern of rising prices.
- CBAY is one of the better performing stocks in the Pharmaceuticals industry, it outperforms 96% of 204 stocks in the same industry.
- CBAY is currently making a new 52 week high. This is a strong signal. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
- In the last month CBAY has a been trading in the 22.11 - 25.72 range, which is quite wide. It is currently trading near the high of this range.
For an up to date full technical analysis you can check the technical report of CBAY
How do we evaluate the setup for NASDAQ:CBAY?
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, NASDAQ:CBAY has a 10 as its setup rating:
CBAY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 24.97. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.95, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CBAY in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.
Trading setups like NASDAQ:CBAY
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.
More breakout setups can be found in our Breakout screener.
Disclaimer
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
