ENDEAVOR GROUP HOLD-CLASS A is showing promising signs of setting up for a breakout.

Our stock screener has flagged ENDEAVOR GROUP HOLD-CLASS A (NYSE:EDR) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:EDR for potential movement.

Technical analysis of NYSE:EDR

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

We assign a technical rating of 8 out of 10 to EDR. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, EDR is only an average performer.

• The long and short term trends are both positive. This is looking good!
• EDR is one of the better performing stocks in the Entertainment industry, it outperforms 76% of 77 stocks in the same industry.
• EDR is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so EDR is performing more or less in line with the market.
• Looking at the yearly performance, EDR did better than 82% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
• In the last month EDR has a been trading in the 23.08 - 25.50 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of EDR

How do we evaluate the setup for NYSE:EDR?

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:EDR currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, EDR also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. 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 25.78. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 24.33, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EDR in the last couple of days, which is a good sign.

How to trade NYSE:EDR?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.

More breakout setups can be found in our Breakout screener.

Keep in mind

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.