First Industrial Realty Trust is setting up nicely for a breakout.

A possible breakout setup was detected on First Industrial Realty Trust (NYSE:FR) 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:FR.

Technical Analysis Observations

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.

Taking everything into account, FR scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, FR is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• FR 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.
• When compared to the yearly performance of all other stocks, FR outperforms 68% of them, which is more or less in line with the market.
• FR is an average performer in the Equity Real Estate Investment Trusts (REITs) industry, it outperforms 54% of 185 stocks in the same industry.
• In the last month FR has a been trading in a tight range between 51.96 and 54.85.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:FR currently has a 8 as setup rating:

FR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 53.85, a stop order could be placed below this zone.

How can NYSE:FR be traded?

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.

Of course, there are many ways to trade or not trade NYSE:FR 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.

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