NUTANIX INC - A is setting up nicely for a breakout.

We've identified NUTANIX INC - A (NASDAQ:NTNX) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:NTNX for further developments.

Zooming in on the technicals.

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.

We assign a technical rating of 9 out of 10 to NTNX. Both in the recent history as in the last year, NTNX has proven to be a steady performer, scoring decent points in every aspect analyzed.

• Both the short term and long term trends are positive. This is a very positive sign.
• Looking at the yearly performance, NTNX did better than 95% of all other stocks.
• NTNX is one of the better performing stocks in the Software industry, it outperforms 91% of 286 stocks in the same industry.
• NTNX is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NTNX is performing more or less in line with the market.
• In the last month NTNX has a been trading in the 28.49 - 31.29 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of NTNX for a complete technical analysis.

How do we evaluate the setup for NASDAQ:NTNX?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NASDAQ:NTNX this score is currently 10:

NTNX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 31.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 30.17, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for NTNX in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

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.

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.

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.