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Technical Setup: UNUM GROUP Appears Poised for a Breakout.

By Mill Chart

Last update: Feb 19, 2024

Our stock screener has flagged UNUM GROUP (NYSE:UNM) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:UNM for potential movement.

UNM Daily chart on 2024-02-19

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.

Taking everything into account, UNM scores 7 out of 10 in our technical rating. UNM has been a medium performer in the overall market. Some doubts are observed in the medium time frame, but recent action was very positive.

  • Both the short term and long term trends are positive. This is a very positive sign.
  • UNM is part of the Insurance industry. There are 142 other stocks in this industry. UNM outperforms 70% of them.
  • UNM is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so UNM is lagging the market slightly.
  • When comparing the yearly performance of all stocks, we notice that UNM is one of the better performing stocks in the market, outperforming 76% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
  • In the last month UNM has a been trading in the 46.16 - 49.98 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of UNM

Why is NYSE:UNM a setup?

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:UNM is 9:

Besides having an excellent technical rating, UNM also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 48.90. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 48.39, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NYSE:UNM be traded?

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:UNM 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 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.

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UNUM GROUP

NYSE:UNM (4/19/2024, 7:21:40 PM)

After market: 51.36 0 (0%)

51.36

+0.57 (+1.12%)

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