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NYSE:TRQ may be ready to breakout.

By Mill Chart

Last update: Sep 28, 2022

TURQUOISE HILL RESOURCES LTD (NYSE:TRQ) 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 NYSE:TRQ.

TRQ Daily chart on 2022-09-28

Zooming in on the technicals.

ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.

Taking everything into account, TRQ scores 9 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, TRQ is showing a nice and steady performance.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • Looking at the yearly performance, TRQ did better than 99% of all other stocks.
  • TRQ is part of the Metals & Mining industry. There are 960 other stocks in this industry. TRQ outperforms 98% of them.
  • TRQ is currently trading near its 52 week high. This is a good sign, definitely because the S&P500 Index is trading in the lower area of its yearly range.
  • In the last month TRQ has a been trading in the 26.88 - 32.09 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

How do we evaluate the setup for NYSE:TRQ?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:TRQ currently has a 8 as setup rating:

TRQ has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 29.91, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for TRQ in the last couple of days, which is a good sign.

Trading setups like NYSE:TRQ

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.

Of course, there are many ways to trade or not trade NYSE:TRQ and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

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

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