By Mill Chart
Last update: May 26, 2023
A possible breakout setup was detected on XPO INC (NYSE:XPO) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:XPO.
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, XPO scores 8 out of 10 in our technical rating. Although XPO is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.
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:XPO this score is currently 8:
XPO 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 48.09. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 47.93, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for XPO in the last couple of days, which is a good sign.
For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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 analyzer.
NYSE:XPO (5/25/2023, 7:18:25 PM)After market: 48.1 +0.02 (+0.04%)
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