The Greedy Trader Weekly Analysis
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Uptrend Support

Uptrend Support 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. Stock market alert is a warning signal. Uptrend Support stock alert indicates that price is near long-term support trendline and probability of short-term trend reversal is high. The strategy here is to take advantage of established uptrend price pullback and entering the long position just prior to the continuation of the trend. The strategy has relatively low risk.

Uptrend Support

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- 2/16/2024 -
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Snap-On Inc. (SNA) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved below its signal lineBroken trend support line
Daily :20 Day Moving Average has crossed below the 50 Day Moving AverageLane's Stochastic is oversoldPrice is near the Fibonacci 23.6% retracement levelThe Bollinger Bands are historically far apart
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It was a first positive week for the Snap-On Inc. (SNA). During the week, the SNA gained 4.81 points, or 1.83%, and closed at 267.24 on Friday, February 16, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was 27% above average.

SNA is a member of Industrials Sector. Industrials 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 SNA long-term trend chart]
A long-term uptrend had started on June 17, 2022 at 190.08 and reached 297.26 on July 17, 2023. SNA gained -107.18 points, or -56.39%, in 56 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 263.07 and resistance is at 300.28. 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 long-term trend.

Medium-term trend: [See SNA medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 249.84 and reached 295.51 on February 7, 2024. SNA gained -45.67 points, or -18.28%, in 15 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (293.14) 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. SNA 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 SNA 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 SNA short-term trend chart]
A short-term downtrend had started on February 7, 2024 at 295.51 and reached 259.54 on February 13, 2024. SNA lost 35.97 points, or 12.17%, in 6 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See SNA 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 February 7, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current short-term downtrend is still strong, and momentum is beginning to wane.

The distance between the Bollinger Bands (18.52%) is close to one year high (16.65%). It is 132.00% higher then one year average. It indicates the period of high volatility of the stock price, and it is considered a sell signal for the option traders. 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.

During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. 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) 31.16
Williams' Percentage Range (W%R) 75.70
Lane's Stochastic (%D-Slow) 16.73
Oversold
Greed/Fear Indicator (GFI) 24.07
Moving Average Converg./Diverg. (MACD) -2.74
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.29
Williams' Percentage Range (W%R) 59.60
Lane's Stochastic (%D-Slow) 64.40
Greed/Fear Indicator (GFI) 50.69
Moving Average Converg./Diverg. (MACD) 6.04
Trading Signals
Description Value Chart
Upper Bollinger Band 302.48
Quarterly Trendline Resistance 300.28
Monthly Trendline Resistance 296.64
Monthly Trendline Support 293.14
50 Day Moving Average 283.60
Parabolic System 283.11
20 Day Moving Average 281.90
Weekly Stochastic Crossing 281.76
Price 267.24
Daily Stochastic Crossing 265.37
Quarterly Trendline Support 263.07
Lower Bollinger Band 253.00
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Machinery 101
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 259.54
Low Date 02/13/2024
High 270.23
High Date 02/16/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 295.51
High Date 02/07/2024
Low 259.54
Low Date 02/13/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 296.64
Support 293.14
Low 249.84
Low Date 10/25/2023
High 295.51
High Date 02/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 300.28
Support 263.07
Low 190.08
Low Date 06/17/2022
High 297.26
High Date 07/17/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 20.51
Low Date 03/05/2009
High 297.26
High Date 07/17/2023
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.