- 5/19/2023 -
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|It was the negative week for the MarketAxess (MKTX). During the week, the MKTX dropped -14.64 points, or -4.89%, and closed at 284.59 on Friday, May 19, 2023. Weekly volume was -17% below average. |
Long-term trend: [See MKTX long-term trend chart]
A long-term downtrend had started on April 13, 2021 at 546.16 and reached 217.44 on September 28, 2022. MKTX lost 328.72 points, or 60.19%, in 76 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 118.83 and resistance is at 392.19. 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 MKTX medium-term trend chart]
A medium-term uptrend had started on September 28, 2022 at 217.44 and reached 399.78 on April 4, 2023. MKTX gained -182.34 points, or -83.86%, in 26 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (398.85) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. MKTX may retest the broken support line. It is considered to be a resistance 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 support in a medium-term trend.
Weekly Technical Indicators: [See MKTX weekly technical indicators chart]
Weekly 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 weekly Williams' Percentage Range or strongly oversold weekly 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 weekly MACD line is below its signal line since April 14, 2023. The distance between MACD and the signal line is relatively high and getting bigger. Use the following link to access a MACD help.
Short-term trend: [See MKTX short-term trend chart]
A short-term downtrend had started on May 12, 2023 at 303.85 and reached 282.79 on May 19, 2023. MKTX lost 21.06 points, or 6.93%, in 7 days. The price is now at the 8.55% retracement level.
Daily Technical Indicators: [See MKTX daily technical indicators chart]
Daily Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Use the following link to access Relative Strength Index help.
The daily MACD line is above its signal line since May 11, 2023. The distance between MACD and the signal line is low and getting smaller.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.