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Archive
- 11/15/2024 -
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Centene Corporation (CNC) Technical Analysis
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| Summary:
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| | It was the negative week for the Centene Corporation (CNC). During the week, the CNC dropped -2.74 points, or -4.56%, and closed at 57.41 on Friday, November 15, 2024. Weekly volume was 67% above average.
CNC is a member of Health Care Sector. Health Care is the most oversold 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 CNC long-term trend chart]
A long-term downtrend had started on February 26, 2024 at 81.42 and reached 57.25 on November 15, 2024. CNC lost 24.17 points, or 29.69%, in 37 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 53.77 and resistance is at 79.67. A Broadening Descending 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 Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See CNC medium-term trend chart]
A medium-term downtrend had started on September 3, 2024 at 80.59 and reached 57.25 on November 15, 2024. CNC lost 23.34 points, or 28.96%, in 10 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 54.04 and resistance is at 63.53. A Falling 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 Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See CNC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly oversold Williams' Percentage Range and Lane's Stochastic. Weekly Relative Strength Index has bullish divergence. Use the following links to access the Relative Strength Index help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index bullish 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, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is below its signal line since October 4, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.
 Short-term trend: [See CNC short-term trend chart]
A short-term downtrend had started on October 25, 2024 at 70.11 and reached 57.25 on November 15, 2024. CNC lost 12.86 points, or 18.34%, in 21 days. Price is near the trend low.
 Daily Technical Indicators: [See CNC daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish signal. 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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