Yandex N.V. is setting up nicely for a breakout.

A possible breakout setup was detected on Yandex N.V. (NASDAQ:YNDX) 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 NASDAQ:YNDX.

What is the technical picture of NASDAQ:YNDX telling us.

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, YNDX scores 7 out of 10 in our technical rating. Although YNDX is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• YNDX 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 YNDX is lagging the market slightly.
• In the last month YNDX has a been trading in the 67.56 - 72.70 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.
• When compared to the yearly performance of all other stocks, YNDX outperforms 57% of them, which is more or less in line with the market.
• YNDX is part of the Interactive Media & Services industry. There are 70 other stocks in this industry, YNDX did better than 45% of them.

How do we evaluate the setup for NASDAQ:YNDX?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:YNDX currently has a 9 as setup rating:

Besides having an excellent technical rating, YNDX 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 72.16. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 68.52, a stop order could be placed below this zone. We notice that large players showed an interest for YNDX in the last couple of days, which is a good sign.

How to trade NASDAQ:YNDX?

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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.