OLD REPUBLIC INTL CORP (NYSE:ORI) is showing promising signs of setting up for a breakout.

Our stock screener has flagged OLD REPUBLIC INTL CORP (NYSE:ORI) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:ORI for potential movement.

Analyzing the Technical Aspects

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous 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.

• The long and short term trends are both positive. This is looking good!
• Looking at the yearly performance, ORI did better than 87% 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 143 other stocks in this industry. ORI outperforms 75% of them.
• ORI 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 ORI slightly outperforms the market at the moment.
• In the last month ORI has a been trading in the 36.02 - 39.00 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Volume is considerably higher in the last couple of days.

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

Looking at the Setup

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. ORI scores a 7 out of 10:

ORI 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 support zone below the current price at 37.40, a Stop Loss order could be placed below this zone.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

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.