- 3/17/2023 -
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McCormick & Co. (MKC)
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|It was a first positive week after 3 consecutive negative weeks for the McCormick & Co. (MKC). During the week, the MKC gained 1.67 points, or 2.35%, and closed at 72.62 on Friday, March 17, 2023. It was the best weekly gain since January 6, 2023. Weekly volume was 39% above average. |
Long-term trend: [See MKC long-term trend chart]
A long-term downtrend had started on March 7, 2022 at 107.35 and reached 70.60 on March 13, 2023. MKC lost 36.75 points, or 34.23%, in 53 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 50.01 and resistance is at 81.66. 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 downtrend had started on December 13, 2022 at 88.03 and reached 70.60 on March 13, 2023. MKC lost 17.43 points, or 19.80%, in 12 weeks. The price is now at the 11.59% retracement level.
Weekly Technical Indicators: [See MKC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. During the last week, weekly Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish 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 below its signal line since January 27, 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 MKC short-term trend chart]
A short-term uptrend had started on March 13, 2023 at 70.60 and reached 73.46 on March 17, 2023. MKC gained -2.86 points, or -4.05%, in 4 days. The price is now at the 29.37% retracement level.
Daily Technical Indicators: [See MKC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.