NYSE:PFGC may be ready to breakout.

Our stock screener has spotted PERFORMANCE FOOD GROUP CO (NYSE:PFGC) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:PFGC.

Technical Analysis Observations

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, PFGC scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• When comparing the yearly performance of all stocks, we notice that PFGC is one of the better performing stocks in the market, outperforming 93% of all stocks. We also observe that the gains produced by PFGC over the past year are nicely spread over this period.
• PFGC is one of the better performing stocks in the Food & Staples Retailing industry, it outperforms 93% of 43 stocks in the same industry.
• PFGC 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 PFGC slightly outperforms the market at the moment.
• In the last month PFGC has a been trading in the 56.40 - 61.51 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.

Why is NYSE:PFGC a setup?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:PFGC this score is currently 9:

Besides having an excellent technical rating, PFGC also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 60.79. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 59.14, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PFGC in the last couple of days, which is a good sign.

Trading setups like NYSE:PFGC

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.

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.

More breakout setups can be found in our Breakout analyzer.