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NASDAQ:CCEP may be ready to breakout.

By Mill Chart

Last update: Jan 25, 2024

COCA-COLA EUROPACIFIC PARTNE (NASDAQ:CCEP) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:CCEP.

CCEP Daily chart on 2024-01-25

Deciphering the Technical Picture of NASDAQ:CCEP

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, CCEP scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, CCEP has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, CCEP did better than 80% of all other stocks.
  • CCEP is one of the better performing stocks in the Beverages industry, it outperforms 81% of 34 stocks in the same industry.
  • A new 52 week high is currently being made by CCEP, which is a very good signal! However, this is in line with the S&P500, which is also trading near new highs.
  • In the last month CCEP has a been trading in a tight range between 64.25 and 67.97.

For an up to date full technical analysis you can check the technical report of CCEP

Why is NASDAQ:CCEP a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:CCEP exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, CCEP also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 67.56. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 66.97, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:CCEP

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Of course, there are many ways to trade or not trade NASDAQ:CCEP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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COCA-COLA EUROPACIFIC PARTNE

NASDAQ:CCEP (5/17/2024, 7:00:03 PM)

After market: 74.51 0 (0%)

74.51

-0.41 (-0.55%)

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