The Greedy Trader Weekly Analysis
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Price vs. Lower Bollinger Band:Below
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Bollinger Band crossover - Stock market timing signal.

The Bollinger bands indicator developed by John Bollinger in the early 1980s is one of the most popular and powerful trading tools. These bands are charted two standard deviations away from a simple moving average, and they provide a relative definition of high and low. Bollinger bands trading technique uses one band as an entry point exit of the other. The center band presents a neutral support/resistance level. As with most indicators, signals generated by bollinger band crossover should be confirmed using complimentary indicators.

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- 3/15/2024 -
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Sherwin-Williams (SHW) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the Sherwin-Williams (SHW). During the week, the SHW dropped -6.03 points, or -1.77%, and closed at 334.66 on Friday, March 15, 2024. It was the worst weekly loss since January 5, 2024. Weekly volume was -6% below average.

SHW is a member of Materials Sector. Materials 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 SHW long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 195.24 and reached 347.71 on March 8, 2024. SHW gained -152.47 points, or -78.09%, in 73 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (238.27) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See SHW medium-term trend chart]
A medium-term uptrend had started on October 30, 2023 at 232.06 and reached 347.71 on March 8, 2024. SHW gained -115.65 points, or -49.84%, in 18 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 327.56 and resistance is at 351.28. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See SHW weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 November 24, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See SHW short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 347.71 and reached 330.82 on March 15, 2024. SHW lost 16.89 points, or 4.86%, in 7 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See SHW 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.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.68
Williams' Percentage Range (W%R) 39.40
Lane's Stochastic (%D-Slow) 44.36
Greed/Fear Indicator (GFI) 56.22
Moving Average Converg./Diverg. (MACD) 7.79
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.11
Bearish
Williams' Percentage Range (W%R) 14.10
Overbought
Lane's Stochastic (%D-Slow) 89.95
Overbought Bearish
Greed/Fear Indicator (GFI) 77.88
Moving Average Converg./Diverg. (MACD) 15.14 Bearish
Trading Signals
Description Value Chart
Monthly Trendline Resistance 351.28
Upper Bollinger Band 350.68
Parabolic System 345.11
Weekly Stochastic Crossing 342.65
Daily Stochastic Crossing 337.37
Price 334.66
20 Day Moving Average 330.31
Monthly Trendline Support 327.56
50 Day Moving Average 315.03
Lower Bollinger Band 309.96
Quarterly Trendline Resistance 302.67
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 42
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 347.71
High Date 03/08/2024
Low 330.82
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 292.00
Low Date 01/25/2024
High 347.71
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 351.28
Support 327.56
Low 232.06
Low Date 10/30/2023
High 347.71
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 302.67
Support 238.27
Low 195.24
Low Date 10/13/2022
High 347.71
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 768.00
High Date 03/29/2021
Low 195.24
Low Date 10/13/2022
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.