The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/15/2024 -
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Eaton Corp. (ETN) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionRelative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overbought
Daily :Williams' Percentage Range is overboughtStochastic 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 38.2% retracement level
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It was a fourth consecutive positive week for the Eaton Corp. (ETN). During the week, the ETN climbed 0.41 points, or 0.14%, and closed at 297.90 on Friday, March 15, 2024. ETN was trading at average weekly trading volume.

ETN 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 ETN long-term trend chart]
A long-term uptrend had started on March 6, 2009 at 15.01 and reached 303.39 on March 8, 2024. ETN gained -288.38 points, or -1921.25%, in 783 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (83.74) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 ETN medium-term trend chart]
A medium-term uptrend had started on July 14, 2022 at 122.50 and reached 303.39 on March 8, 2024. ETN gained -180.89 points, or -147.67%, in 86 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (213.94) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.

Weekly Technical Indicators: [See ETN weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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 December 8, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See ETN short-term trend chart]
A short-term uptrend had started on March 11, 2024 at 289.60 and reached 302.98 on March 14, 2024. ETN gained -13.38 points, or -4.62%, in 3 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See ETN daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. 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) 64.78
Williams' Percentage Range (W%R) 18.10
Overbought
Lane's Stochastic (%D-Slow) 66.63
Greed/Fear Indicator (GFI) 71.10
Moving Average Converg./Diverg. (MACD) 9.43
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 91.84
Strong Overbought
Williams' Percentage Range (W%R) 4.90
Strong Overbought
Lane's Stochastic (%D-Slow) 94.32
Strong Overbought
Greed/Fear Indicator (GFI) 86.13
Overbought
Moving Average Converg./Diverg. (MACD) 16.53
Trading Signals
Description Value Chart
Upper Bollinger Band 305.40
Parabolic System 303.01
Weekly Stochastic Crossing 299.94
Daily Stochastic Crossing 299.42
Price 297.90
20 Day Moving Average 290.53
Quarterly Trendline Resistance 281.87
Monthly Trendline Support 276.35
Lower Bollinger Band 273.47
50 Day Moving Average 268.22
Monthly Trendline Resistance 263.89
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Electrical Components & Equipment 108
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 289.60
Low Date 03/11/2024
High 302.98
High Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 231.84
Low Date 01/03/2024
High 303.39
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 263.89
Support 276.35
Low 191.82
Low Date 10/20/2023
High 303.39
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 281.87
Support 213.94
Low 122.50
Low Date 07/14/2022
High 303.39
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 122.36
Support 83.74
Low 15.01
Low Date 03/06/2009
High 303.39
High Date 03/08/2024
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.