The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 5/31/2024 -
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Atmos Energy Corp (ATO) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved below its signal line
Daily :Lane's Stochastic is oversoldThe price has risen above the Parabolic SARPrice is close to the 50 Day Moving AverageThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Atmos Energy Corp (ATO). During the week, the ATO gained 3.31 points, or 2.94%, and closed at 115.92 on Friday, May 31, 2024. Weekly volume was 59% above average.

ATO is a member of Utilities Sector. Utilities is the most overbought 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 ATO long-term trend chart]
A long-term downtrend had started on July 26, 2023 at 125.28 and reached 101.00 on October 3, 2023. ATO lost 24.28 points, or 19.38%, in 9 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 118.26 and resistance is at 113.34. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.

Medium-term trend: [See ATO medium-term trend chart]
A medium-term uptrend had started on October 3, 2023 at 101.00 and reached 121.48 on May 9, 2024. ATO gained -20.48 points, or -20.28%, in 31 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 113.20 and resistance is at 121.33. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ATO weekly technical indicators chart]
Weekly technical indicators are neutral.

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See ATO short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 110.46 and reached 121.48 on May 9, 2024. ATO gained -11.02 points, or -9.98%, in 86 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 111.35 and resistance is at 122.62. 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 short-term trend.

Daily Technical Indicators: [See ATO daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 link to access Lane's Stochastic help.

The daily MACD line is below its signal line since May 10, 2024.

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.

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.

Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 45.93
Williams' Percentage Range (W%R) 79.80
Lane's Stochastic (%D-Slow) 18.66
Oversold
Greed/Fear Indicator (GFI) 28.25
Moving Average Converg./Diverg. (MACD) -0.53
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.79
Williams' Percentage Range (W%R) 76.10
Lane's Stochastic (%D-Slow) 63.61
Greed/Fear Indicator (GFI) 46.05
Moving Average Converg./Diverg. (MACD) 0.76
Trading Signals
Description Value Chart
Weekly Trendline Resistance 122.62
Upper Bollinger Band 121.50
Monthly Trendline Resistance 121.33
Quarterly Trendline Support 118.26
Weekly Stochastic Crossing 117.11
20 Day Moving Average 116.88
50 Day Moving Average 116.73
Price 115.92
Quarterly Trendline Resistance 113.34
Monthly Trendline Support 113.20
Daily Stochastic Crossing 112.72
Weekly Trendline Support 111.35
Parabolic System 110.86
Lower Bollinger Band 110.25
Sector and Industry
Description Name Rank
Sector Utilities 12
Industry Gas Utilities 99
Daily Trend
Description Value
Direction Down
Chart Pattern Falling Channel
High 121.48
High Date 05/09/2024
Low 110.97
Low Date 05/29/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 122.62
Support 111.35
Low 110.46
Low Date 02/13/2024
High 121.48
High Date 05/09/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 121.33
Support 113.20
Low 101.00
Low Date 10/03/2023
High 121.48
High Date 05/09/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 113.34
Support 118.26
High 125.28
High Date 07/26/2023
Low 101.00
Low Date 10/03/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 85.80
Low Date 09/28/2021
High 125.28
High Date 07/26/2023
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.