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NUTANIX INC - A is showing promising signs of setting up for a breakout.

By Mill Chart

Last update: Oct 5, 2023

Our stock screener has detected a potential breakout setup on NUTANIX INC - A (NASDAQ:NTNX). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:NTNX.

NTNX Daily chart on 2023-10-05

Analyzing the Technical Aspects

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

We assign a technical rating of 8 out of 10 to NTNX. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • When comparing the yearly performance of all stocks, we notice that NTNX is one of the better performing stocks in the market, outperforming 95% of all stocks. On top of that, NTNX also shows a nice and consistent pattern of rising prices.
  • NTNX is one of the better performing stocks in the Software industry, it outperforms 93% of 284 stocks in the same industry.
  • NTNX 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 NTNX slightly outperforms the market at the moment.

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

Why is NASDAQ:NTNX a setup?

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. NASDAQ:NTNX currently has a 9 as setup rating:

NTNX 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. 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 36.17. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.02, 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.

Trading setups like NASDAQ:NTNX

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order 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.

More breakout setups can be found in our Breakout screener.

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.

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NUTANIX INC - A

NASDAQ:NTNX (2/23/2024, 7:02:42 PM)

After market: 59.1 +0.34 (+0.58%)

58.76

+0.42 (+0.72%)

NTNX News

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The IBD SmartSelect Composite Rating for Nutanix Cl A increased from 94 to 96 Friday.

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News Image23 days ago - Nutanix, Inc.Nutanix Announces Date and Conference Call Information for Second Quarter Fiscal Year 2024 Financial Results
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Nutanix (NTNX) shares gained more than 4% on Wednesday as investment firm William Blair upgraded the cloud software company, citing a "tectonic shift" in the in

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Nutanix (NTNX) shares gained 2.5% in premarket trading on Wednesday as William Blair upgraded the cloud software company. Read for more.

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