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Downtrend Broken Resist.Archive
- 1/3/2025 -
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Centene Corporation (CNC) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a fourth consecutive positive week for the Centene Corporation (CNC). During the week, the CNC gained 0.88 points, or 1.45%, and closed at 61.48 on Friday, January 3, 2025. Weekly volume was -11% below average.
CNC is a member of Health Care Sector. Health Care is the second 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 55.07 on December 11, 2024. CNC lost 26.35 points, or 32.36%, in 41 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 49.99 and resistance is at 79.49. 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 55.07 on December 11, 2024. CNC lost 25.52 points, or 31.67%, in 14 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (51.55) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. CNC may retest the broken resistance line. It is considered to be a support 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 resistance line in a medium-term trend.
 Weekly Technical Indicators: [See CNC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since October 4, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.
 Short-term trend: [See CNC short-term trend chart]
A short-term uptrend had started on December 30, 2024 at 59.75 and reached 62.05 on January 3, 2025. CNC gained -2.30 points, or -3.85%, in 4 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See CNC daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Daily 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 daily 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 daily MACD line is above its signal line since November 19, 2024. 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.
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