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COMMERCIAL METALS CO (NYSE:CMC) Technical Analysis observations.

By Mill Chart

Last update: Mar 18, 2024

A possible breakout setup was detected on COMMERCIAL METALS CO (NYSE:CMC) 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:CMC.

CMC Daily chart on 2024-03-18

Deciphering the Technical Picture of NYSE:CMC

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.

Overall CMC gets a technical rating of 7 out of 10. In the last year, CMC was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • When comparing the yearly performance of all stocks, we notice that CMC is one of the better performing stocks in the market, outperforming 76% of all stocks.
  • CMC is one of the better performing stocks in the Metals & Mining industry, it outperforms 75% of 156 stocks in the same industry.
  • CMC 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 CMC is lagging the market slightly.
  • In the last month CMC has a been trading in the 51.63 - 56.08 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Why is NYSE:CMC a setup?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:CMC is 10:

CMC has an excellent technical rating and 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 54.59. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 53.75, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for CMC 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:CMC?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.

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COMMERCIAL METALS CO

NYSE:CMC (5/29/2024, 7:04:00 PM)

Premarket: 54.45 +0.03 (+0.06%)

54.42

-0.99 (-1.79%)

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