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Technical Insights for ENDEAVOR GROUP HOLD-CLASS A (NYSE:EDR): Is a Breakout Imminent?

By Mill Chart

Last update: Mar 15, 2024

A possible breakout setup was detected on ENDEAVOR GROUP HOLD-CLASS A (NYSE:EDR) 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 NYSE:EDR.

EDR Daily chart on 2024-03-15

Analyzing the Technical Aspects

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Overall EDR gets a technical rating of 7 out of 10. Although EDR is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The long and short term trends are both positive. This is looking good!
  • EDR is part of the Entertainment industry. There are 75 other stocks in this industry. EDR outperforms 71% of them.
  • EDR 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 EDR is lagging the market slightly.
  • In the last month EDR has a been trading in the 23.14 - 25.17 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, EDR turns out to be only a medium performer in the overall market: it outperformed 59% of all stocks.

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

Why is NYSE:EDR a setup?

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. 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 25.18. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 24.64, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:EDR be traded?

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:EDR 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 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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ENDEAVOR GROUP HOLD-CLASS A

NYSE:EDR (5/29/2024, 7:04:00 PM)

After market: 26.76 0 (0%)

26.76

+0.01 (+0.04%)

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