The Greedy Trader Weekly Analysis
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Monthly Pattern:Falling Pennant
Number of records: 6
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

McKesson Corp. (New)
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Summary:
Weekly :Oversold industryBroken trend support line - Downtrend exhaustionLane's Stochastic oversoldWilliams' Percentage Range is strongly oversold
Daily :Williams' Percentage Range is oversold
Move cursor over the icon to see details.

It was a first positive week after 3 consecutive negative weeks for the McKesson Corp. (New) (MCK). During the week, the MCK gained 2.32 points, or 1.87%, and closed at 126.21 on Friday, August 03, 2018. Weekly volume was 29% above average.

MCK is a member of Drugs Wholesale Industry. Drugs Wholesale is the fourth most oversold industry. 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 MCK long-term trend chart]
A long-term downtrend had started on May 19, 2015 at 243.61 and reached 114.53 on October 28, 2016. MCK lost 129.08 points, or 52.99%, in 75 weeks. The price is now at the 9.05% retracement level.

Medium-term trend: [See MCK medium-term trend chart]
A medium-term downtrend had started on January 29, 2018 at 178.86 and reached 122.92 on July 27, 2018. MCK lost 55.94 points, or 31.28%, in 25 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend support line (135.01) is broken, while daily and weekly technical indicators are oversold. Downtrend is exhausted and trend reversal is possible soon. 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 MCK weekly technical indicators chart]
Weekly Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Lane's Stochastic or strongly oversold weekly 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is below its signal line since February 16, 2018. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See MCK short-term trend chart]
A short-term downtrend had started on June 14, 2018 at 151.24 and reached 122.92 on July 27, 2018. MCK lost 28.32 points, or 18.73%, in 43 days. The price is now at the 11.62% retracement level.

Daily Technical Indicators: [See MCK daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range.

The daily MACD line is below its signal line since June 26, 2018. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 27.22
Williams' Percentage Range (W%R) 94.20
Strong Oversold
Lane's Stochastic (%D-Slow) 20.33
Greed/Fear Indicator (GFI) 17.78
Oversold
Moving Average Converg./Diverg. (MACD) -3.78
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 25.75
Williams' Percentage Range (W%R) 97.40
Strong Oversold
Lane's Stochastic (%D-Slow) 15.38
Oversold
Greed/Fear Indicator (GFI) 19.40
Oversold
Moving Average Converg./Diverg. (MACD) -3.15
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 141.21
Upper Bollinger Band 140.71
50 Day Moving Average 138.75
Quarterly Trendline Support 135.01
20 Day Moving Average 131.53
Parabolic System 128.94
Weekly Stochastic Crossing 127.25
Price 126.21
Daily Stochastic Crossing 124.98
Lower Bollinger Band 121.30
Sector and Industry
Description Name Rank
Sector Services 7
Industry Drugs Wholesale 4
Daily Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
High 139.86
High Date 07/10/2018
Low 122.92
Low Date 07/27/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 151.24
High Date 06/14/2018
Low 122.92
Low Date 07/27/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 160.84
High Date 04/30/2018
Low 122.92
Low Date 07/27/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Support
Resistance 141.21
Support 135.01
High 178.86
High Date 01/29/2018
Low 122.92
Low Date 07/27/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 243.61
High Date 05/19/2015
Low 114.53
Low Date 10/28/2016
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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