Good technical signals and a possible breakout for ENOVIX CORP.

ENOVIX CORP (ENVX)       18.335   +0.85 (+4.83%)

After market: 18.4 +0.06 (+0.35%)


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Good technical signals and a possible breakout for ENOVIX CORP.10 days ago - Chartmill

Our stock screener has spotted ENOVIX CORP (NASDAQ:ENVX) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:ENVX.

ENVX Daily chart on 2022-09-22

Zooming in on the technicals.

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

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

  • The long and short term trends are both positive. This is looking good!
  • ENVX is part of the Electrical Equipment industry. There are 86 other stocks in this industry. ENVX outperforms 96% of them.
  • In the last month ENVX has a been trading in the 18.33 - 26.30 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 ENVX is one of the better performing stocks in the market, outperforming 98% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
  • ENVX is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so ENVX is still doing slightly better than the market.

Why is NASDAQ:ENVX 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 NASDAQ:ENVX this score is currently 8:

ENVX 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 very little resistance above the current price. There is a support zone below the current price at 19.06, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for ENVX in the last couple of days, which is a good sign.

How to trade NASDAQ:ENVX?

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.

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