OLLIE'S BARGAIN OUTLET HOLDI (NASDAQ:OLLI) Technical Analysis observations.

Our stock screener has spotted OLLIE'S BARGAIN OUTLET HOLDI (NASDAQ:OLLI) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:OLLI.

Deciphering the Technical Picture of NASDAQ:OLLI

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.

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

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that OLLI is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, OLLI also shows a nice and consistent pattern of rising prices.
• OLLI is part of the Broadline Retail industry. There are 34 other stocks in this industry. OLLI outperforms 84% of them.
• OLLI 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 OLLI slightly outperforms the market at the moment.
• In the last month OLLI has a been trading in the 70.82 - 77.96 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of OLLI for a complete technical analysis.

How does the Setup look for NASDAQ:OLLI

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:OLLI has a 9 as its setup rating:

OLLI 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. There is a resistance zone just above the current price starting at 77.97. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 77.08, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:OLLI

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

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.