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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis |
A rectangle chart pattern is characterized
as a short-term horizontal channel, and it represents a trading range and
indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark
significant top and bottom. The rectangle pattern within a younger parent trend has more
chances to mark a continuation. To estimate the maturity of the parent trend,
consult technical indicators. Volume should increase during breakout, but in
contrast with other continuation patterns, the rectangle does not inherit standard
volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and
vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young
trend characterized by neutral long-term indicators and overbought/oversold
daily indicators. The pattern resets short-term indicators to neutral and then
continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend
characterized by overbought/oversold indicators on long and short time frames.
This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
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Advanced TA SearchArchive - 3/15/2024 - Sign In to see current Signals. |
McKesson Corp. (New) (MCK) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was a fifth consecutive positive week for the McKesson Corp. (New) (MCK). During the week, the MCK gained 6.23 points, or 1.18%, and closed at 533.64 on Friday, March 15, 2024. Weekly volume was -19% below average. Long-term trend: [See MCK long-term trend chart] A long-term uptrend had started on December 24, 2018 at 106.11 and reached 537.26 on March 5, 2024. MCK gained -431.15 points, or -406.32%, in 271 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (519.63). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend. Medium-term trend: [See MCK medium-term trend chart] A medium-term uptrend had started on March 15, 2023 at 331.75 and reached 537.26 on March 5, 2024. MCK gained -205.51 points, or -61.95%, in 50 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (534.37). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend. Weekly Technical Indicators: [See MCK weekly technical indicators chart] Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help. The weekly MACD line is above its signal line since January 5, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help. Short-term trend: [See MCK short-term trend chart] A short-term downtrend had started on March 5, 2024 at 537.26 and reached 517.92 on March 13, 2024. MCK lost 19.34 points, or 3.60%, in 8 days. The price is now at the 81.28% retracement level. Daily Technical Indicators: [See MCK daily technical indicators chart] Daily technical indicators are neutral. During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal. During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
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