Will FORTIVE CORP breakout?

A possible breakout setup was detected on FORTIVE CORP (NYSE:FTV) 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:FTV.

Zooming in on the technicals.

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

Overall FTV gets a technical rating of 7 out of 10. Although FTV is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• FTV is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so FTV slightly outperforms the market at the moment.
• In the last month FTV has a been trading in the 63.05 - 67.98 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.
• When compared to the yearly performance of all other stocks, FTV outperforms 53% of them, which is more or less in line with the market.
• FTV is part of the Machinery industry. There are 152 other stocks in this industry, FTV did better than 48% of them.

Why is NYSE:FTV a 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:FTV currently has a 9 as setup rating:

Besides having an excellent technical rating, FTV 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 68.51. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 66.92, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for FTV in the last couple of days, which is a good sign.

How can NYSE:FTV be traded?

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

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

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