TRIMBLE INC is showing promising signs of setting up for a breakout.

TRIMBLE INC (NASDAQ:TRMB) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:TRMB.

Technical analysis of NASDAQ:TRMB

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.

We assign a technical rating of 7 out of 10 to TRMB. This is due to a decent performance in both the short and longer term time frames. Compared to the overall market however, TRMB is a bad performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• TRMB is an average performer in the Electronic Equipment, Instruments & Components industry, it outperforms 54% of 128 stocks in the same industry.
• TRMB is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so TRMB is lagging the market slightly.
• In the last month TRMB has a been trading in the 52.16 - 56.16 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 TRMB contains the most current technical analsysis.

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:TRMB has a 9 as its setup rating, indicating its current consolidation status.

Besides having an excellent technical rating, TRMB also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 55.14. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 52.89, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

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.

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.