By Mill Chart
Last update: May 25, 2023
Our stock screener has spotted ZILLOW GROUP INC - C (NASDAQ:Z) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:Z.
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, Z scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, Z is only an average performer.
ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:Z scores a 8 out of 10:
Besides having an excellent technical rating, Z 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 very little resistance above the current price. There is a support zone below the current price at 44.38, a Stop Loss order could be placed below this zone.
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 NASDAQ:Z 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.
Our Breakout analyzer lists more breakout setups and is updated daily.
ZILLOW GROUP INC - C
NASDAQ:Z (5/24/2023, 7:00:03 PM)Premarket: 44.5 -0.71 (-1.57%)
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