NYSE:MIC may be ready to breakout.

Our stock screener has spotted Macquarie Infrastructure Company Trust (NYSE:MIC) 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:MIC.

Technical Analysis Observations

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.

Overall MIC gets a technical rating of 8 out of 10. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, MIC is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• MIC is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so MIC is lagging the market slightly.
• When compared to the yearly performance of all other stocks, MIC outperforms 65% of them, which is more or less in line with the market.
• MIC is part of the Transportation Infrastructure industry. There are 7 other stocks in this industry, MIC did better than 42% of them.
• In the last month MIC has a been trading in a tight range between 37.92 and 39.30.

How do we evaluate the setup for NYSE:MIC?

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:MIC scores a 9 out of 10:

MIC has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a very little resistance above the current price. There is a support zone below the current price at 39.08, a stop order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:MIC

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.

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 analyzer.