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Technical Signals Point to a Possible Breakout for PROCORE TECHNOLOGIES INC.

By Mill Chart

Last update: Feb 28, 2024

PROCORE TECHNOLOGIES INC (NYSE:PCOR) 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:PCOR.

PCOR Daily chart on 2024-02-28

Technical analysis of NYSE:PCOR

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 9 out of 10 to PCOR. Both in the recent history as in the last year, PCOR has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • PCOR is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
  • In the last month PCOR has a been trading in the 69.34 - 78.72 range, which is quite wide. It is currently trading near the high of this range.
  • Looking at the yearly performance, PCOR did better than 83% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
  • PCOR is part of the Software industry. There are 277 other stocks in this industry, PCOR did better than 64% of them.
  • Volume is considerably higher in the last couple of days.

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

Why is NYSE:PCOR a 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, NYSE:PCOR has a 10 as its setup rating:

PCOR has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 74.50, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PCOR in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:PCOR

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation 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.

More breakout setups can be found in our Breakout screener.


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.