Good technical signals and a possible breakout for NOVO-NORDISK A/S-SPONS ADR.

Our stock screener has identified NOVO-NORDISK A/S-SPONS ADR (NYSE:NVO) 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 NYSE:NVO.

In-Depth Technical Analysis of NYSE:NVO

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

Taking everything into account, NVO scores 9 out of 10 in our technical rating. Both in the recent history as in the last year, NVO 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, NVO did better than 96% of all other stocks. On top of that, NVO also shows a nice and consistent pattern of rising prices.
• NVO is one of the better performing stocks in the Pharmaceuticals industry, it outperforms 94% of 207 stocks in the same industry.
• NVO 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 NVO is performing more or less in line with the market.
• In the last month NVO has a been trading in the 92.94 - 103.25 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
• Volume is considerably higher in the last couple of days.

Our latest full technical report of NVO contains the most current technical analsysis.

How does the Setup look for NYSE:NVO

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:NVO currently has a 8 as setup rating:

NVO 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 102.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 96.17, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:NVO be traded?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

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.