Technical Setup: COSTAR GROUP INC (NASDAQ:CSGP) Appears Poised for a Breakout.

Our stock screener has identified COSTAR GROUP INC (NASDAQ:CSGP) 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 NASDAQ:CSGP.

In-Depth Technical Analysis of CSGP

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall CSGP gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, CSGP is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the performance of all stocks over the past year, CSGP turns out to be only a medium performer in the overall market: it outperformed 43% of all stocks.
• CSGP is an average performer in the Real Estate Management & Development industry, it outperforms 65% of 65 stocks in the same industry.
• CSGP is currently trading in the middle of its 52 week range. This is in line with the S&P500 Index, which is also trading in the middle of its range.
• In the last month CSGP has a been trading in the 74.08 - 83.03 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 CSGP contains the most current technical analsysis.

Looking at the 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, CSGP exhibits a 8 setup rating, indicating its consolidation status in recent days and weeks.

CSGP has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 79.47. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 78.61, a Stop Loss order could be placed below this zone.

How can CSGP be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

Disclaimer

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.