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Interesting Technical Analysis finding for COMERICA INC (NYSE:CMA)

By Mill Chart

Last update: May 10, 2024

Our stock screener has identified COMERICA INC (NYSE:CMA) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:CMA.

CMA Daily chart on 2024-05-10

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to CMA. CMA has been one of the better performers in the overall market. Some doubts were observed in the medium time frame, but recent action was again very positive.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • When comparing the yearly performance of all stocks, we notice that CMA is one of the better performing stocks in the market, outperforming 89% of all stocks.
  • CMA is part of the Banks industry. There are 412 other stocks in this industry. CMA outperforms 90% of them.
  • CMA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CMA is lagging the market slightly.
  • In the last month CMA has a been trading in the 49.27 - 54.19 range, which is quite wide. It is currently trading near the high of this range.

Our latest full technical report of CMA contains the most current technical analsysis.

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:CMA currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, CMA also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 53.50. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 52.83, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

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.

Of course, there are many ways to trade or not trade NYSE:CMA 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.


Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.