There are signs that NYSE:TT may be ready to breakout.

TRANE TECHNOLOGIES PLC (NYSE:TT) 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 NYSE:TT.

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall TT gets a technical rating of 9 out of 10. Both in the recent history as in the last year, TT has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that TT is one of the better performing stocks in the market, outperforming 92% of all stocks.
• TT is one of the better performing stocks in the Building Products industry, it outperforms 72% of 45 stocks in the same industry.
• TT is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so TT is performing more or less in line with the market.
• In the last month TT has a been trading in the 195.31 - 209.17 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.

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

How do we evaluate the setup for NYSE:TT?

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 NYSE:TT this score is currently 9:

TT 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 202.69. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 201.94, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:TT?

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.

More breakout setups can be found in our Breakout screener.

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.