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Downtrend Broken Resist.Archive
- 12/13/2024 -
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McCormick & Co. (MKC) Technical Analysis
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| Summary:
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| | It was a first positive week for the McCormick & Co. (MKC). During the week, the MKC gained 3.06 points, or 3.95%, and closed at 80.56 on Friday, December 13, 2024. Weekly volume was 7% above average.
 Long-term trend: [See MKC long-term trend chart]
A long-term uptrend had started on October 12, 2023 at 59.13 and reached 85.49 on September 16, 2024. MKC gained -26.36 points, or -44.58%, in 48 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 72.12 and resistance is at 89.37. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See MKC medium-term trend chart]
A medium-term downtrend had started on September 16, 2024 at 85.49 and reached 72.51 on November 15, 2024. MKC lost 12.98 points, or 15.18%, in 8 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (68.20) 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 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 October 25, 2024. 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 November 15, 2024 at 72.51 and reached 82.13 on December 11, 2024. MKC gained -9.62 points, or -13.27%, in 26 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 79.51 and resistance is at 83.05. 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 MKC daily technical indicators chart]
Daily Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. 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 20, 2024. This is an indication that the short-term trend is up.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.
During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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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