Technical Setup: EXELIXIS INC Appears Poised for a Breakout.

A possible breakout setup was detected on EXELIXIS INC (NASDAQ:EXEL) 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 NASDAQ:EXEL.

Deciphering the Technical Picture of NASDAQ:EXEL

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall EXEL gets a technical rating of 8 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, EXEL is showing a nice and steady performance.

• 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 EXEL is one of the better performing stocks in the market, outperforming 87% of all stocks. We also observe that the gains produced by EXEL over the past year are nicely spread over this period.
• EXEL is part of the Biotechnology industry. There are 609 other stocks in this industry. EXEL outperforms 81% of them.
• EXEL 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 EXEL is lagging the market slightly.
• In the last month EXEL has a been trading in the 20.64 - 22.44 range, which is quite wide. It is currently trading near the high of this range.

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

Looking at the 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:EXEL is 9:

EXEL 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 a resistance zone just above the current price starting at 22.22. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 21.79, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NASDAQ:EXEL be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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.