NYSE:PNR Shows Potential for a Breakout.

Our stock screener has spotted PENTAIR PLC (NYSE:PNR) 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:PNR.

Zooming in on the technicals.

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.

Taking everything into account, PNR scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, PNR 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, PNR did better than 87% of all other stocks. We also observe that the gains produced by PNR over the past year are nicely spread over this period.
• PNR is part of the Machinery industry. There are 133 other stocks in this industry. PNR outperforms 80% of them.
• PNR 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 PNR has a been trading in the 68.69 - 75.41 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.
• Volume is considerably higher in the last couple of days.

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

How does the Setup look for NYSE:PNR

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:PNR this score is currently 10:

Besides having an excellent technical rating, PNR 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 73.83. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 73.12, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PNR in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

Trading setups like NYSE:PNR

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

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.