Will DUPONT DE NEMOURS INC breakout?

Our stock screener has spotted DUPONT DE NEMOURS INC (NYSE:DD) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:DD.

Technical analysis of NYSE:DD

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

Overall DD 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, DD is only an average performer.

• The long and short term trends are both positive. This is looking good!
• DD 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 DD is lagging the market slightly.
• In the last month DD has a been trading in the 74.01 - 83.86 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, DD outperforms 67% of them, which is more or less in line with the market.
• DD is an average performer in the Chemicals industry, it outperforms 53% of 118 stocks in the same industry.

Why is NYSE:DD a setup?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:DD currently has a 8 as setup rating:

Besides having an excellent technical rating, DD also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. We notice that large players showed an interest for DD in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:DD

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

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

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