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.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

Ecolab Inc. (ECL)

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Summary:
Weekly :Stochastic has declined below the signal lineOversold sectorBroken trend resistance lineTrend support at 165.96
Daily :Williams' Percentage Range and Lane's Stochastic are oversoldPrice is close to the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Ecolab Inc. (ECL). During the week, the ECL dropped -8.36 points, or -4.77%, and closed at 166.91 on Friday, May 26, 2023. Weekly volume was -19% below average.

ECL is a member of Materials Sector. Materials is the second 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 ECL long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 238.93 and reached 131.04 on November 3, 2022. ECL lost 107.89 points, or 45.16%, in 49 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (112.59) is broken. A broken support is considered to be a long-term bullish signal. 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 long-term trend.

Medium-term trend: [See ECL medium-term trend chart]
A medium-term uptrend had started on November 3, 2022 at 131.04 and reached 179.77 on May 3, 2023. ECL gained -48.73 points, or -37.19%, in 25 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (165.96) 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 ECL weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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 link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since November 11, 2022. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ECL short-term trend chart]
A short-term downtrend had started on May 3, 2023 at 179.77 and reached 165.26 on May 25, 2023. ECL lost 14.51 points, or 8.07%, in 22 days. The price is now at the 11.37% retracement level.

Daily Technical Indicators: [See ECL daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.

The daily MACD line is below its signal line since May 16, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.

During the last week, the price has declined below 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) 31.66
Williams' Percentage Range (W%R) 84.80
Oversold
Lane's Stochastic (%D-Slow) 14.30
Oversold
Greed/Fear Indicator (GFI) 20.40
Moving Average Converg./Diverg. (MACD) 1.66
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.34
Williams' Percentage Range (W%R) 34.30
Lane's Stochastic (%D-Slow) 75.35
Greed/Fear Indicator (GFI) 64.64
Moving Average Converg./Diverg. (MACD) 2.39
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 183.73
Monthly Trendline Resistance 183.50
Upper Bollinger Band 175.95
Weekly Stochastic Crossing 174.85
Parabolic System 174.02
20 Day Moving Average 172.21
Monthly Trendline Support 167.45
Price 166.91
50 Day Moving Average 166.75
Daily Stochastic Crossing 166.46
Quarterly Trendline Support 165.96
Lower Bollinger Band 164.58
Sector and Industry
Description Name Rank
Sector Materials 2
Industry Specialty Chemicals 63
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 176.17
High Date 05/12/2023
Low 165.26
Low Date 05/25/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 179.77
High Date 05/03/2023
Low 165.26
Low Date 05/25/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 183.50
Support 167.45
Low 140.13
Low Date 12/20/2022
High 179.77
High Date 05/03/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 183.73
Support 165.96
Low 131.04
Low Date 11/03/2022
High 179.77
High Date 05/03/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 112.87
Support 112.59
High 238.93
High Date 11/22/2021
Low 131.04
Low Date 11/03/2022
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.

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