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Indications Suggest NYSE:EAT Could Be on the Verge of a Breakout.

By Mill Chart

Last update: Mar 27, 2024

BRINKER INTERNATIONAL INC (NYSE:EAT) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:EAT.

EAT Daily chart on 2024-03-27

What is the technical picture of NYSE:EAT telling us.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 7 out of 10 to EAT. Although EAT is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • EAT is part of the Hotels, Restaurants & Leisure industry. There are 135 other stocks in this industry. EAT outperforms 72% of them.
  • EAT 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 EAT is lagging the market slightly.
  • In the last month EAT has a been trading in the 44.62 - 49.85 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • When comparing the yearly performance of all stocks, we notice that EAT is one of the better performing stocks in the market, outperforming 78% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.

Our latest full technical report of EAT contains the most current technical analsysis.

Why is NYSE:EAT a setup?

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

EAT has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 46.07, 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.

How can NYSE:EAT be traded?

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.

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

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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BRINKER INTERNATIONAL INC

NYSE:EAT (5/24/2024, 7:23:45 PM)

After market: 68.5 +2.18 (+3.29%)

66.32

+1.98 (+3.08%)

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