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.

Archive
- 3/15/2024 -
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McKesson Corp. (New) (MCK) Technical Analysis

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Summary:
Weekly :Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overboughtTrend resistance at 519.63Trend resistance at 534.37
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR
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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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.39
Williams' Percentage Range (W%R) 36.90
Lane's Stochastic (%D-Slow) 53.31
Greed/Fear Indicator (GFI) 59.28
Moving Average Converg./Diverg. (MACD) 8.48
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.50
Overbought
Williams' Percentage Range (W%R) 12.00
Overbought
Lane's Stochastic (%D-Slow) 87.64
Overbought
Greed/Fear Indicator (GFI) 80.59
Overbought
Moving Average Converg./Diverg. (MACD) 21.55
Trading Signals
Description Value Chart
Monthly Trendline Resistance 543.64
Upper Bollinger Band 537.53
Parabolic System 537.01
Quarterly Trendline Resistance 534.37
Price 533.64
Weekly Stochastic Crossing 531.23
Daily Stochastic Crossing 526.67
20 Day Moving Average 522.30
Yearly Trendline Resistance 519.63
Monthly Trendline Support 508.98
Lower Bollinger Band 504.73
50 Day Moving Average 504.23
Quarterly Trendline Support 494.05
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Distributors 69
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 517.92
Low Date 03/13/2024
High 533.91
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 537.26
High Date 03/05/2024
Low 517.92
Low Date 03/13/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 543.64
Support 508.98
Low 433.22
Low Date 11/02/2023
High 537.26
High Date 03/05/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Resistance
Resistance 534.37
Support 494.05
Low 331.75
Low Date 03/15/2023
High 537.26
High Date 03/05/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 519.63
Support 174.65
Low 106.11
Low Date 12/24/2018
High 537.26
High Date 03/05/2024
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.