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- 10/23/2020 -
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Old Dominion Freight Line (ODFL)

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overbought
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a fourth positive week after 4 consecutive negative weeks for the Old Dominion Freight Line (ODFL). During the week, the ODFL climbed 0.04 points, or 0.02%, and closed at 200.62 on Friday, October 23, 2020. Weekly volume was -29% below average.

ODFL is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See ODFL long-term trend chart]
A long-term downtrend had started on September 2, 2020 at 207.44 and reached 176.34 on September 22, 2020. ODFL lost 31.10 points, or 14.99%, in 2 weeks. The price is now at the 78.07% retracement level.

Medium-term trend: [See ODFL medium-term trend chart]
A medium-term uptrend had started on September 22, 2020 at 176.34 and reached 205.11 on October 15, 2020. ODFL gained -28.77 points, or -16.32%, in 3 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 194.28 and resistance is at 213.52. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ODFL weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since October 9, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See ODFL short-term trend chart]
A short-term uptrend had started on October 22, 2020 at 193.69 and reached 200.96 on October 23, 2020. ODFL gained -7.27 points, or -3.75%, in 1 days. Price is near the trend high.

Daily Technical Indicators: [See ODFL daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since October 5, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

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.

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.65
Williams' Percentage Range (W%R) 31.80
Lane's Stochastic (%D-Slow) 36.59
Greed/Fear Indicator (GFI) 57.80
Moving Average Converg./Diverg. (MACD) 2.25
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.15
Williams' Percentage Range (W%R) 19.30
Overbought
Lane's Stochastic (%D-Slow) 49.51
Greed/Fear Indicator (GFI) 62.57
Moving Average Converg./Diverg. (MACD) 8.28
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 213.52
Upper Bollinger Band 209.85
Parabolic System 204.06
Price 200.62
Daily Stochastic Crossing 197.61
Quarterly Trendline Support 194.28
Weekly Stochastic Crossing 194.28
20 Day Moving Average 194.28
50 Day Moving Average 194.03
Lower Bollinger Band 181.56
Sector and Industry
Description Name Rank
Sector Industrials 10
Industry Trucking 50
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 193.69
Low Date 10/22/2020
High 200.96
High Date 10/23/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 193.69
Low Date 10/22/2020
High 200.96
High Date 10/23/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 205.11
High Date 10/15/2020
Low 193.69
Low Date 10/22/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 213.52
Support 194.28
Low 176.34
Low Date 09/22/2020
High 205.11
High Date 10/15/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 207.44
High Date 09/02/2020
Low 176.34
Low Date 09/22/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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