Exploring US BANCORP's Technical Signals and Breakout Potential.

US BANCORP (NYSE:USB) 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:USB.

Analyzing the Technical Aspects

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

We assign a technical rating of 8 out of 10 to USB. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, USB is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• USB is part of the Banks industry. There are 414 other stocks in this industry. USB outperforms 76% of them.
• USB 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 USB is lagging the market slightly.
• USB is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.
• Looking at the yearly performance, USB did better than 76% of all other stocks. However, this relatively good performance is mostly due to a recent big move.

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

Why is NYSE:USB 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:USB is 8:

Besides having an excellent technical rating, USB also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. 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 45.02. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 43.20, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for USB in the last couple of days, which is a good sign.

How to trade NYSE:USB?

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.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found 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.