Based on good technical signals, METLIFE INC is potentially setting up for a breakout.

Our stock screener has spotted METLIFE INC (NYSE:MET) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:MET.

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

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.

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

• 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 - 64.86 range, which is quite wide. It is currently trading near the high of this range.
• Prices have been consolidating recently, this may present a good entry opportunity.
• Looking at the yearly performance, MET did better than 71% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
• MET is an average performer in the Insurance industry, it outperforms 63% of 142 stocks in the same industry.
• 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.

For an up to date full technical analysis you can check the technical report of MET

How do we evaluate the setup for NYSE:MET?

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:MET scores a 8 out of 10:

Besides having an excellent technical rating, MET also presents a decent setup pattern. Prices have been consolidating lately. 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 64.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 63.24, a Stop Loss order could be placed below this zone.

How to trade NYSE:MET?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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

Disclaimer

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.