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Exploring GLOBUS MEDICAL INC - A's Technical Signals and Breakout Potential.

By Mill Chart

Last update: Mar 11, 2024

A possible breakout setup was detected on GLOBUS MEDICAL INC - A (NYSE:GMED) 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:GMED.

GMED Daily chart on 2024-03-11

Analyzing the Technical Aspects

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.

We assign a technical rating of 7 out of 10 to GMED. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, GMED is only an average performer.

  • The long and short term trends are both positive. This is looking good!
  • In the last month GMED has a been trading in the 51.10 - 57.38 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • When compared to the yearly performance of all other stocks, GMED outperforms 61% of them, which is more or less in line with the market.
  • GMED is an average performer in the Health Care Equipment & Supplies industry, it outperforms 68% of 196 stocks in the same industry.
  • GMED is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so GMED is lagging the market.

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

How does the Setup look for NYSE:GMED

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:GMED exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

Besides having an excellent technical rating, GMED 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 56.12. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 55.35, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for GMED in the last couple of days, which is a good sign.

Trading setups like NYSE:GMED

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

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

Keep in mind

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.

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GLOBUS MEDICAL INC - A

NYSE:GMED (5/17/2024, 7:04:00 PM)

After market: 64.4 0 (0%)

64.4

+0.45 (+0.7%)

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