Will GFL ENVIRONMENTAL INC-SUB VT breakout?

A possible breakout setup was detected on GFL ENVIRONMENTAL INC-SUB VT (NYSE:GFL) 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:GFL.

Technical analysis of NYSE:GFL

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.

Overall GFL gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, GFL is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• GFL is one of the better performing stocks in the Commercial Services & Supplies industry, it outperforms 86% of 96 stocks in the same industry.
• GFL 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 GFL is performing more or less in line with the market.
• Looking at the yearly performance, GFL did better than 92% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• In the last month GFL has a been trading in the 34.61 - 38.26 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How do we evaluate the setup for NYSE:GFL?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:GFL scores a 8 out of 10:

GFL has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 37.72. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.39, a Stop Loss order could be placed below this zone.

Trading breakout setups.

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:GFL 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.

Our Breakout analyzer lists more breakout setups and is updated daily.