Will EXACT SCIENCES CORP breakout?

EXACT SCIENCES CORP (NASDAQ:EXAS) 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 NASDAQ:EXAS.

What is the technical picture of NASDAQ:EXAS telling us.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 9 out of 10 to EXAS. Both in the recent history as in the last year, EXAS has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that EXAS is one of the better performing stocks in the market, outperforming 97% of all stocks.
• EXAS is one of the better performing stocks in the Biotechnology industry, it outperforms 94% of 615 stocks in the same industry.
• EXAS is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month EXAS has a been trading in the 90.53 - 100.77 range, which is quite wide. It is currently trading near the high of this range.

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

Why is NASDAQ:EXAS a setup?

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NASDAQ:EXAS is 10:

EXAS 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 resistance zone just above the current price starting at 99.05. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 96.65, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for EXAS in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:EXAS?

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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.