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NASDAQ:NTNX Shows Potential for a Breakout.

By Mill Chart

Last update: Oct 11, 2023

Our stock screener has identified NUTANIX INC - A (NASDAQ:NTNX) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:NTNX.

NTNX Daily chart on 2023-10-11

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NTNX scores 9 out of 10 in our technical rating. 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 94% of all other stocks.
  • NTNX is part of the Software industry. There are 283 other stocks in this industry. NTNX outperforms 87% of them.
  • A new 52 week high is currently being made by NTNX, which is a very good signal! Especially since the S&P500 is only trading in the upper part of its 52 week range, so NTNX is leading the market.
  • In the last month NTNX has a been trading in the 33.30 - 37.20 range, which is quite wide. It is currently trading near the high of this range.
  • Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

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

Why is NASDAQ:NTNX a setup?

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. NASDAQ:NTNX scores a 9 out of 10:

Besides having an excellent technical rating, NTNX 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 36.63. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 35.25, 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.

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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 screener.

Disclaimer

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.

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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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These are great options for investors seeking exposure to cloud computing stocks from companies less recognizable than Salesforce.

News Image23 days ago - Nutanix, Inc.Nutanix Announces Date and Conference Call Information for Second Quarter Fiscal Year 2024 Financial Results
News Imagea month ago - Market News VideoJuly 2025 Options Now Available For Nutanix (NTNX)
News Imagea month ago - Market News VideoFirst Week of NTNX March 15th Options Trading
News Imagea month ago - Market News VideoNotable Thursday Option Activity: WYNN, MDC, NTNX
News Imagea month ago - Seeking AlphaWhy did Nutanix stock go up today? William Blair sees 'tectonic shift' coming

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

News Imagea month ago - Seeking AlphaNutanix gains as William Blair upgrade; 'tectonic shift' in software is coming

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

News Imagea month ago - Seeking AlphaAkamai, Arista among cloud services stocks maintaining ratings at Piper Sandler

Piper Sandler reaffirmed ratings and raised price targets on several cloud services-focused companies, including Akamai Technologies. Read more here

News Imagea month ago - Market News VideoFirst Week of February 16th Options Trading For Nutanix (NTNX)
News Imagea month ago - Market News VideoCommit To Buy Nutanix At $42.50, Earn 9.2% Using Options
News Image2 months ago - Market News VideoNotable Tuesday Option Activity: NTNX, LLY, BJRI
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