NYSE:MMC may be ready to breakout.

MARSH & MCLENNAN COS (MMC)       175.17   +0.26 (+0.15%)


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NYSE:MMC may be ready to breakout.7 days ago - Chartmill

MARSH & MCLENNAN COS (NYSE:MMC) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:MMC.

MMC Daily chart on 2023-01-25

Zooming in on the technicals.

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.

Overall MMC gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, MMC is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, MMC did better than 83% of all other stocks. On top of that, MMC also shows a nice and consistent pattern of rising prices.
  • MMC is part of the Insurance industry. There are 149 other stocks in this industry. MMC outperforms 72% of them.
  • MMC 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 MMC slightly outperforms the market at the moment.
  • In the last month MMC has a been trading in the 163.63 - 175.12 range, which is quite wide. It is currently trading near the high of this range.

How does the Setup look for NYSE:MMC

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:MMC currently has a 9 as setup rating:

MMC has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 173.82. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 173.16, 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:MMC be traded?

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.

More breakout setups can be found in our Breakout analyzer.

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