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Technical Insights for SIX FLAGS ENTERTAINMENT CORP (NYSE:SIX): Is a Breakout Imminent?

By Mill Chart

Last update: Jan 2, 2024

Our stock screener has spotted SIX FLAGS ENTERTAINMENT CORP (NYSE:SIX) 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:SIX.

SIX Daily chart on 2024-01-02

Analyzing the Technical Aspects

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

We assign a technical rating of 7 out of 10 to SIX. Although SIX is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • When compared to the yearly performance of all other stocks, SIX outperforms 53% of them, which is more or less in line with the market.
  • SIX is part of the Hotels, Restaurants & Leisure industry. There are 137 other stocks in this industry, SIX did better than 50% of them.
  • SIX is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so SIX is lagging the market.
  • In the last month SIX has a been trading in the 23.93 - 26.72 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of SIX for a complete technical analysis.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:SIX scores a 9 out of 10:

SIX has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 25.32. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 24.85, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SIX in the last couple of days, which is a good sign.

Trading setups like NYSE:SIX

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.

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.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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SIX FLAGS ENTERTAINMENT CORP

NYSE:SIX (5/24/2024, 7:04:00 PM)

After market: 26.17 0 (0%)

26.17

+0.18 (+0.69%)

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