METLIFE INC is showing promising signs of setting up for a breakout.

METLIFE INC (NYSE:MET) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:MET.

What is the technical picture of NYSE:MET telling us.

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, MET scores 8 out of 10 in our technical rating. Although MET 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.
• In the last month MET has a been trading in the 61.05 - 65.14 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.
• Looking at the yearly performance, MET did better than 71% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• MET is part of the Insurance industry. There are 142 other stocks in this industry, MET did better than 64% of them.
• MET is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so MET is lagging the market slightly.

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

How does the Setup look for NYSE:MET

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:MET has a 9 as its setup rating:

Besides having an excellent technical rating, MET 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 63.10. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 62.68, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:MET be traded?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.