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Archive
- 7/19/2024 -
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McCormick & Co. (MKC) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the McCormick & Co. (MKC). During the week, the MKC gained 2.14 points, or 3.00%, and closed at 73.59 on Friday, July 19, 2024. Weekly volume was 25% above average.
MKC is a member of Consumer Staples Sector. Consumer Staples 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 MKC long-term trend chart]
A long-term downtrend had started on March 7, 2022 at 107.35 and reached 59.13 on October 12, 2023. MKC lost 48.22 points, or 44.92%, in 83 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 44.25 and resistance is at 83.68. 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See MKC medium-term trend chart]
A medium-term uptrend had started on October 12, 2023 at 59.13 and reached 78.41 on April 2, 2024. MKC gained -19.28 points, or -32.61%, in 24 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend support (72.95) line. The support is usually stronger when technical indicators are oversold. 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 support line in a medium-term trend.
 Weekly Technical Indicators: [See MKC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since June 7, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See MKC short-term trend chart]
A short-term downtrend had started on April 2, 2024 at 78.41 and reached 66.88 on June 26, 2024. MKC lost 11.53 points, or 14.70%, in 85 days. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (65.39) 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. MKC 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 short-term trend.
 Daily Technical Indicators: [See MKC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since June 18, 2024.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish 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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