Interesting Technical Analysis finding for SLM CORP (NASDAQ:SLM)

SLM CORP (NASDAQ:SLM) 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 NASDAQ:SLM.

Technical Analysis Observations

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall SLM gets a technical rating of 10 out of 10. Both in the recent history as in the last year, SLM 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, SLM did better than 89% of all other stocks. We also observe that the gains produced by SLM over the past year are nicely spread over this period.
• SLM is one of the better performing stocks in the Consumer Finance industry, it outperforms 84% of 51 stocks in the same industry.
• SLM is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so SLM is leading the market.
• In the last month SLM has a been trading in the 20.48 - 22.37 range, which is quite wide. It is currently trading near the high of this range.

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

How do we evaluate the setup for NASDAQ:SLM?

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, NASDAQ:SLM has a 9 as its setup rating:

SLM 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 22.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 21.67, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for SLM in the last couple of days, which is a good sign.

Trading breakout setups.

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.

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

Keep in mind

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.