NYSE:GPK may be ready to breakout.

A possible breakout setup was detected on GRAPHIC PACKAGING HOLDING CO (NYSE:GPK) 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:GPK.

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.

Taking everything into account, GPK scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, GPK has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, GPK did better than 91% of all other stocks. We also observe that the gains produced by GPK over the past year are nicely spread over this period.
• GPK is part of the Containers & Packaging industry. There are 27 other stocks in this industry. GPK outperforms 92% of them.
• GPK 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 GPK slightly outperforms the market at the moment.
• In the last month GPK has a been trading in the 22.99 - 25.17 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How does the Setup look for NYSE:GPK

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:GPK currently has a 9 as setup rating:

Besides having an excellent technical rating, GPK also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 23.68, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:GPK

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:GPK 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.