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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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- 3/15/2024 -
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Huntington Bancshares (HBAN) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARWilliams' Percentage Range is oversoldBullish Meeting Lines CandlestickThe 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 Huntington Bancshares (HBAN). During the week, the HBAN dropped -0.45 points, or -3.33%, and closed at 13.05 on Friday, March 15, 2024. Weekly volume was 32% above average.

HBAN is a member of Financials Sector. Financials 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 HBAN long-term trend chart]
A long-term downtrend had started on January 18, 2022 at 17.79 and reached 9.13 on May 12, 2023. HBAN lost 8.66 points, or 48.68%, in 68 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (6.87) 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 HBAN medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 9.25 and reached 13.77 on March 5, 2024. HBAN gained -4.52 points, or -48.86%, in 18 weeks. The price is now at the 15.93% retracement level.

Weekly Technical Indicators: [See HBAN weekly technical indicators chart]
Weekly technical indicators are neutral. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 Relative Strength Index help.

The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See HBAN short-term trend chart]
A short-term downtrend had started on March 5, 2024 at 13.77 and reached 12.78 on March 15, 2024. HBAN lost 0.99 points, or 7.19%, in 10 days. The price is now at the 27.27% retracement level.

Daily Technical Indicators: [See HBAN daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Use the following link to access Williams' Percentage Range help.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

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.

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.

Candlestick pattern: [See HBAN candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.07
Williams' Percentage Range (W%R) 86.10
Oversold
Lane's Stochastic (%D-Slow) 49.74
Greed/Fear Indicator (GFI) 40.24
Moving Average Converg./Diverg. (MACD) 0.19
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 61.47
Bearish
Williams' Percentage Range (W%R) 21.90
Lane's Stochastic (%D-Slow) 72.37
Bearish
Greed/Fear Indicator (GFI) 67.50
Moving Average Converg./Diverg. (MACD) 0.39 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 13.74
Parabolic System 13.74
Weekly Stochastic Crossing 13.37
Daily Stochastic Crossing 13.21
20 Day Moving Average 13.15
Price 13.05
50 Day Moving Average 12.87
Lower Bollinger Band 12.55
Yearly Trendline Resistance 12.00
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Regional Banks 46
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 13.77
High Date 03/05/2024
Low 12.78
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 12.07
Low Date 02/01/2024
High 13.77
High Date 03/05/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 9.25
Low Date 10/25/2023
High 13.77
High Date 03/05/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 9.13
Low Date 05/12/2023
High 13.77
High Date 03/05/2024
Description Value
Direction Down
Chart Pattern Falling Channel
Status Broken Resistance
Resistance 12.00
Support 6.87
High 17.79
High Date 01/18/2022
Low 9.13
Low Date 05/12/2023
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.