In-Depth Technical Analysis of SONY GROUP CORP - SP ADR (NYSE:SONY).

We've identified SONY GROUP CORP - SP ADR (NYSE:SONY) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:SONY for further developments.

Technical analysis of SONY

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Overall SONY gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, SONY is showing a nice and steady performance.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• When comparing the yearly performance of all stocks, we notice that SONY is one of the better performing stocks in the market, outperforming 91% of all stocks. We also observe that the gains produced by SONY over the past year are nicely spread over this period.
• SONY is one of the better performing stocks in the Household Durables industry, it outperforms 96% of 66 stocks in the same industry.
• SONY 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 SONY slightly outperforms the market at the moment.
• In the last month SONY has a been trading in the 22.68 - 25.64 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 SONY for a complete technical analysis.

How does the Setup look for SONY

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 SONY this score is currently 7:

SONY has an excellent technical rating, but the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

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.

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

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.