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Uptrend Broken SupportArchive
- 4/19/2024 -
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Thermo Electron (TMO) Technical Analysis
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| Summary:
| | Weekly : | | Daily : 
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| | It was the negative week for the Thermo Electron (TMO). During the week, the TMO dropped -20.45 points, or -3.62%, and closed at 544.78 on Friday, April 19, 2024. Weekly volume was -6% below average.
 Long-term trend: [See TMO long-term trend chart]
A long-term downtrend had started on December 31, 2021 at 672.34 and reached 415.60 on October 25, 2023. TMO lost 256.74 points, or 38.19%, in 94 weeks. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (534.20). 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 TMO medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 415.60 and reached 603.82 on March 8, 2024. TMO gained -188.22 points, or -45.29%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (629.86) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. TMO may retest the broken support line. It is considered to be a resistance line now. 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 support in a medium-term trend.
 Weekly Technical Indicators: [See TMO weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since December 1, 2023. 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 TMO short-term trend chart]
A short-term downtrend had started on April 9, 2024 at 589.93 and reached 529.64 on April 18, 2024. TMO lost 60.29 points, or 10.22%, in 9 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See TMO daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since March 14, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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.
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