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DOW INC is showing promising signs of setting up for a breakout.

By Mill Chart

Last update: Mar 1, 2024

Our stock screener has identified DOW INC (NYSE:DOW) 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:DOW.

DOW Daily chart on 2024-03-01

Technical analysis of NYSE:DOW

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 DOW gets a technical rating of 8 out of 10. Although DOW is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • DOW 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 DOW is lagging the market slightly.
  • In the last month DOW has a been trading in the 52.36 - 56.82 range, which is quite wide. It is currently trading near the high of this range.
  • When comparing the performance of all stocks over the past year, DOW turns out to be only a medium performer in the overall market: it outperformed 45% of all stocks.
  • DOW is part of the Chemicals industry. There are 85 other stocks in this industry, DOW did better than 63% of them.

Check the latest full technical report of DOW for a complete technical analysis.

How do we evaluate the setup for NYSE:DOW?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:DOW has a 9 as its setup rating, indicating its current consolidation status.

DOW has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. 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 56.40. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 55.68, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for DOW in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:DOW?

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

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

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DOW INC

NYSE:DOW (5/24/2024, 6:25:38 PM)

After market: 57.5301 -0.23 (-0.4%)

57.76

+0.84 (+1.48%)

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