- 11/24/2023 -
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Franklin Resources (BEN) Technical Analysis
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|It was the negative week for the Franklin Resources (BEN). During the week, the BEN dropped -0.45 points, or -1.85%, and closed at 23.82 on Friday, November 24, 2023. Weekly volume was -37% below average. |
BEN is a member of Financials Sector. Financials 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 BEN long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 20.24 and reached 34.37 on February 2, 2023. BEN gained -14.13 points, or -69.81%, in 16 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (26.70) 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 long-term trend.
Medium-term trend: [See BEN medium-term trend chart]
A medium-term downtrend had started on July 28, 2023 at 30.12 and reached 21.88 on October 31, 2023. BEN lost 8.24 points, or 27.36%, in 13 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Weekly Technical Indicators: [See BEN weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 25, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See BEN short-term trend chart]
A short-term uptrend had started on October 31, 2023 at 21.88 and reached 25.02 on November 17, 2023. BEN gained -3.14 points, or -14.35%, in 17 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 22.74 and resistance is at 25.13. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.
Daily Technical Indicators: [See BEN daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is above its signal line since October 25, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
Price is close to the 50 Day Moving Average. 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.