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Downtrend Broken Resist.Archive
- 5/10/2024 -
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Loblaw Companies Limited (L) Technical Analysis
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| Summary:
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| | It was a second consecutive positive week for the Loblaw Companies Limited (L). During the week, the L gained 1.58 points, or 2.07%, and closed at 77.98 on Friday, May 10, 2024. Weekly volume was -12% below average.
L 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 L long-term trend chart]
A long-term uptrend had started on September 26, 2022 at 49.36 and reached 78.55 on March 28, 2024. L gained -29.19 points, or -59.14%, in 78 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 60.81 and resistance is at 80.17. 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 L medium-term trend chart]
A medium-term uptrend had started on March 24, 2023 at 52.84 and reached 78.55 on March 28, 2024. L gained -25.71 points, or -48.66%, in 52 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 75.04 and resistance is at 79.64. 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 medium-term trend.
 Weekly Technical Indicators: [See L weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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 link to access Williams' Percentage Range help.
The weekly MACD line is below its signal line since April 5, 2024. Use the following link to access a MACD help.
 Short-term trend: [See L short-term trend chart]
A short-term downtrend had started on March 28, 2024 at 78.55 and reached 72.91 on April 17, 2024. L lost 5.64 points, or 7.18%, in 20 days. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (77.05) 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. L 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 short-term trend.
 Daily Technical Indicators: [See L 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. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Lane's Stochastic help.
The daily MACD line is above its signal line since April 22, 2024.
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