NOVO-NORDISK A/S-SPONS ADR (NYSE:NVO) Technical Analysis observations.

Our stock screener has detected a potential breakout setup on NOVO-NORDISK A/S-SPONS ADR (NYSE:NVO). 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 NYSE:NVO.

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.

We assign a technical rating of 9 out of 10 to NVO. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, NVO is showing a nice and steady performance.

• 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 NVO is one of the better performing stocks in the market, outperforming 96% of all stocks. We also observe that the gains produced by NVO over the past year are nicely spread over this period.
• NVO is one of the better performing stocks in the Pharmaceuticals industry, it outperforms 95% of 206 stocks in the same industry.
• NVO is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so NVO is leading 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 near the high of this range.

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

Why is NYSE:NVO 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. 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 and the volatility has been reduced. 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 96.29, a Stop Loss order could be placed below this zone.

Trading breakout setups.

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.

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

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.