By Mill Chart
Last update: Feb 19, 2024
OTIS WORLDWIDE CORP (NYSE:OTIS) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:OTIS.
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.
We assign a technical rating of 8 out of 10 to OTIS. Although OTIS is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
Check the latest full technical report of OTIS for a complete technical analysis.
ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:OTIS exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.
Besides having an excellent technical rating, OTIS also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 91.25. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 91.23, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.
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.
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.
Our Breakout screener lists more breakout setups and is updated daily.
This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.
OTIS WORLDWIDE CORP
NYSE:OTIS (4/19/2024, 7:08:33 PM)
After market: 95.11 0 (0%)95.11
-0.38 (-0.4%)
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