Technical Signals Point to a Possible Breakout for OLLIE'S BARGAIN OUTLET HOLDI (NASDAQ:OLLI).

We've identified OLLIE'S BARGAIN OUTLET HOLDI (NASDAQ:OLLI) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NASDAQ:OLLI for further developments.

Zooming in on the technicals.

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

Taking everything into account, OLLI scores 8 out of 10 in our technical rating. In the last year, OLLI was one of the better performers, but we do observe some doubts in the very recent evolution.

• 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 OLLI is one of the better performing stocks in the market, outperforming 95% of all stocks.
• OLLI is one of the better performing stocks in the Broadline Retail industry, it outperforms 86% of 31 stocks in the same industry.
• OLLI is currently trading in the upper part of its 52 week range, while the S&P500 Index is trading in the lower part of its yearly range. So OLLI is doing quite good in this market.
• In the last month OLLI has a been trading in the 97.04 - 119.76 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

Looking at the Setup

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, OLLI has a 7 as its setup rating:

OLLI 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 119.80. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 100.71, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade OLLI?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

Our Breakout screener lists more breakout setups and is updated daily.

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.