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Technical Signals Point to a Possible Breakout for EXELIXIS INC.

By Mill Chart

Last update: Apr 24, 2024

Our stock screener has identified EXELIXIS INC (NASDAQ:EXEL) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:EXEL.

EXEL Daily chart on 2024-04-24

Insights from Technical Analysis

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall EXEL gets a technical rating of 8 out of 10. In the last year, EXEL was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
  • When comparing the yearly performance of all stocks, we notice that EXEL is one of the better performing stocks in the market, outperforming 80% 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 588 other stocks in this industry. EXEL outperforms 72% of them.
  • EXEL 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 EXEL is performing more or less in line with the market.
  • In the last month EXEL has a been trading in the 22.23 - 23.98 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Looking at the 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:EXEL this score is currently 9:

Besides having an excellent technical rating, EXEL also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 23.99. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 23.22, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NASDAQ:EXEL

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.


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.