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Downtrend ResistanceArchive
- 4/5/2024 -
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Snap-On Inc. (SNA) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was the negative week for the Snap-On Inc. (SNA). During the week, the SNA dropped -3.46 points, or -1.17%, and closed at 292.76 on Friday, April 5, 2024. SNA was trading at average weekly trading volume.
SNA 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 SNA long-term trend chart]
A long-term uptrend had started on June 17, 2022 at 190.08 and reached 298.49 on March 28, 2024. SNA gained -108.41 points, or -57.03%, in 92 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 270.15 and resistance is at 344.20. 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 long-term trend.
 Medium-term trend: [See SNA medium-term trend chart]
A medium-term uptrend had started on February 13, 2024 at 259.54 and reached 298.49 on March 28, 2024. SNA gained -38.95 points, or -15.01%, in 6 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend support line (299.00) is broken. A broken support is considered to be a long-term bearish signal. 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 SNA 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 Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly 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 and Williams' Percentage Range help.
The weekly MACD line is above its signal line since March 15, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.
 Short-term trend: [See SNA short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 298.49 and reached 290.79 on April 2, 2024. SNA lost 7.70 points, or 2.58%, in 5 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See SNA 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.
The distance between the Bollinger Bands (3.25%) is close to one year low (3.71%). It is 62.79% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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