By Mill Chart
Last update: May 25, 2023
A possible breakout setup was detected on ELECTRONIC ARTS INC (NASDAQ:EA) 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 NASDAQ:EA.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
We assign a technical rating of 7 out of 10 to EA. Although EA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:EA scores a 8 out of 10:
EA 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. There is a resistance zone just above the current price starting at 125.56. Right above this resistance zone may be a good entry point.
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.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
ELECTRONIC ARTS INC
NASDAQ:EA (5/24/2023, 7:00:01 PM)
After market: 125.4 0 (0%)125.4
+0.11 (+0.09%)
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