Good technical signals and a possible breakout for PERFORMANCE FOOD GROUP CO.

PERFORMANCE FOOD GROUP CO (PFGC)       61.46   +0.14 (+0.23%)


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Good technical signals and a possible breakout for PERFORMANCE FOOD GROUP CO.7 days ago - Chartmill

PERFORMANCE FOOD GROUP CO (NYSE:PFGC) 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:PFGC.

PFGC Daily chart on 2023-01-25

What is the technical picture of NYSE:PFGC telling us.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall PFGC gets a technical rating of 10 out of 10. Both in the recent history as in the last year, PFGC 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.
  • Looking at the yearly performance, PFGC did better than 93% of all other stocks. On top of that, PFGC also shows a nice and consistent pattern of rising prices.
  • PFGC is part of the Food & Staples Retailing industry. There are 43 other stocks in this industry. PFGC outperforms 93% of them.
  • 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.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:PFGC currently has a 9 as setup rating:

PFGC 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 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 59.31, 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 breakout setups.

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.

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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.

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