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Based on good technical signals, BRINKER INTERNATIONAL INC is potentially setting up for a breakout.

By Mill Chart

Last update: Nov 29, 2023

BRINKER INTERNATIONAL INC (NYSE:EAT) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:EAT.

EAT Daily chart on 2023-11-29

Insights from Technical Analysis

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 EAT gets a technical rating of 7 out of 10. EAT has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.

  • The long and short term trends are both positive. This is looking good!
  • EAT is part of the Hotels, Restaurants & Leisure industry. There are 137 other stocks in this industry. EAT outperforms 77% of them.
  • EAT is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
  • When comparing the yearly performance of all stocks, we notice that EAT is one of the better performing stocks in the market, outperforming 84% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.
  • EAT is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so EAT is lagging the market.

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

Why is NYSE:EAT a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:EAT this score is currently 9:

EAT 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 36.85. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.43, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EAT in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:EAT

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.

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

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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BRINKER INTERNATIONAL INC

NYSE:EAT (2/21/2024, 7:04:00 PM)

After market: 44.82 0 (0%)

44.82

-0.41 (-0.91%)

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