Exploring GARMIN LTD (NYSE:GRMN)'s Technical Signals and Breakout Potential.

Our stockscreener has identified a possible breakout setup on GARMIN LTD (NYSE:GRMN). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:GRMN for potential opportunities.

Technical analysis of GRMN

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, GRMN scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• Looking at the yearly performance, GRMN did better than 92% of all other stocks. On top of that, GRMN also shows a nice and consistent pattern of rising prices.
• GRMN is one of the better performing stocks in the Household Durables industry, it outperforms 92% of 66 stocks in the same industry.
• GRMN 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 GRMN slightly outperforms the market at the moment.

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

How do we evaluate the setup for GRMN?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for GRMN is 8:

GRMN has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 217.13, a Stop Loss order could be placed below this zone.

Trading breakout setups.

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 GRMN 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 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.