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.
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.
For an up to date full technical analysis you can check the technical report of NTNX
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.
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.
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.
NUTANIX INC - A
NASDAQ:NTNX (2/23/2024, 7:02:42 PM)After market: 59.1 +0.34 (+0.58%)
The IBD SmartSelect Composite Rating for Nutanix Cl A increased from 94 to 96 Friday.
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