Promising Signs: VERRA MOBILITY CORP Setting the Stage for a Breakout.

Our stock screener has detected a potential breakout setup on VERRA MOBILITY CORP (NASDAQ:VRRM). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:VRRM.

Technical analysis of NASDAQ:VRRM

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

Taking everything into account, VRRM scores 8 out of 10 in our technical rating. In the last year, VRRM was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that VRRM is one of the better performing stocks in the market, outperforming 85% of all stocks. We also observe that the gains produced by VRRM over the past year are nicely spread over this period.
• VRRM is one of the better performing stocks in the IT Services industry, it outperforms 85% of 86 stocks in the same industry.
• VRRM 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 VRRM is performing more or less in line with the market.
• In the last month VRRM has a been trading in the 23.30 - 25.16 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

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

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 extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:VRRM has a 10 as its setup rating:

Besides having an excellent technical rating, VRRM also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 24.97. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 24.00, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for VRRM in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:VRRM?

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.

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 technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

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.