NYSE:CI may be ready to breakout.

Our stockscreener has identified a possible breakout setup on THE CIGNA GROUP (NYSE:CI). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:CI for potential opportunities.

Analyzing the Technical Aspects

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 7 out of 10 to CI. Although CI 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.
• CI is one of the better performing stocks in the Health Care Providers & Services industry, it outperforms 74% of 115 stocks in the same industry.
• In the last month CI has a been trading in the 274.90 - 294.36 range, which is quite wide. It is currently trading near the high of this range.
• When compared to the yearly performance of all other stocks, CI outperforms 62% of them, which is more or less in line with the market.
• CI is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so CI is lagging the market slightly.

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

How do we evaluate the setup for NYSE:CI?

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:CI scores a 9 out of 10:

CI 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 293.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 287.21, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:CI?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.

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

Keep in mind

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.