Indications Suggest CENCORA INC (NYSE:COR) Could Be on the Verge of a Breakout.

Our stock screener has flagged CENCORA INC (NYSE:COR) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:COR for potential movement.

Zooming in on the technicals.

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 COR gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, COR is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that COR is one of the better performing stocks in the market, outperforming 91% of all stocks. We also observe that the gains produced by COR over the past year are nicely spread over this period.
• COR is one of the better performing stocks in the Health Care Providers & Services industry, it outperforms 83% of 102 stocks in the same industry.
• COR is currently trading near its 52 week high. This is a good sign, certainly because the S&P500 Index is not trading near new highs.
• In the last month COR has a been trading in the 267.40 - 296.65 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 COR

How does the Setup look for COR

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 COR is 7:

COR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 292.13. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 289.63, a Stop Loss order could be placed below this zone.

How can COR be traded?

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 COR 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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. 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.