OLD REPUBLIC INTL CORP (NYSE:ORI) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:ORI.
What is the technical picture of NYSE:ORI telling us.
ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.
We assign a technical rating of 10 out of 10 to ORI. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, ORI is showing a nice and steady performance.
- Both the short term and long term trends are positive. This is a very positive sign.
- Looking at the yearly performance, ORI did better than 88% of all other stocks. On top of that, ORI also shows a nice and consistent pattern of rising prices.
- ORI is part of the Insurance industry. There are 142 other stocks in this industry. ORI outperforms 82% of them.
- ORI 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 ORI is performing more or less in line with the market.
- In the last month ORI has a been trading in a tight range between 26.80 and 27.84.
For an up to date full technical analysis you can check the technical report of ORI
How do we evaluate the setup for NYSE:ORI?
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. NYSE:ORI scores a 9 out of 10:
ORI has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 27.30, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.
How can NYSE:ORI be traded?
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.
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.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
Keep in mind
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.