The Greedy Trader Weekly Analysis
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Daily RSI Divergence:Bearish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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Old Dominion Freight Line (ODFL) Technical Analysis

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Summary:
Weekly :Overbought sectorStochastic signal line moved below overbought area
Daily :The price has fallen below the Parabolic SAR
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It was the negative week for the Old Dominion Freight Line (ODFL). During the week, the ODFL dropped -7.18 points, or -1.68%, and closed at 421.11 on Friday, March 15, 2024. Weekly volume was 9% above average.

ODFL 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 ODFL long-term trend chart]
A long-term uptrend had started on May 19, 2022 at 231.31 and reached 452.34 on March 4, 2024. ODFL gained -221.03 points, or -95.56%, in 93 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 346.56 and resistance is at 497.07. 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 ODFL medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 357.00 and reached 452.34 on March 4, 2024. ODFL gained -95.34 points, or -26.71%, in 18 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 387.39 and resistance is at 456.55. 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 medium-term trend.

Weekly Technical Indicators: [See ODFL weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. 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 February 9, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ODFL short-term trend chart]
A short-term downtrend had started on March 7, 2024 at 446.57 and reached 420.01 on March 14, 2024. ODFL lost 26.56 points, or 5.95%, in 7 days. Price is near the trend low.

Daily Technical Indicators: [See ODFL daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since March 4, 2024. This is an indication that the short-term trend is down.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 37.96
Williams' Percentage Range (W%R) 68.50
Lane's Stochastic (%D-Slow) 29.37
Greed/Fear Indicator (GFI) 32.94
Moving Average Converg./Diverg. (MACD) 6.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.08
Williams' Percentage Range (W%R) 28.80
Lane's Stochastic (%D-Slow) 78.70
Greed/Fear Indicator (GFI) 67.99
Moving Average Converg./Diverg. (MACD) 10.53
Trading Signals
Description Value Chart
Yearly Trendline Resistance 497.07
Quarterly Trendline Resistance 456.55
Parabolic System 449.31
Upper Bollinger Band 447.55
Weekly Stochastic Crossing 436.45
20 Day Moving Average 434.48
Daily Stochastic Crossing 427.78
Price 421.11
50 Day Moving Average 415.31
Lower Bollinger Band 414.29
Quarterly Trendline Support 387.39
Yearly Trendline Support 346.56
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Trucking 53
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 446.57
High Date 03/07/2024
Low 420.01
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 446.57
High Date 03/07/2024
Low 420.01
Low Date 03/14/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 452.34
High Date 03/04/2024
Low 420.01
Low Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 456.55
Support 387.39
Low 357.00
Low Date 10/25/2023
High 452.34
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 497.07
Support 346.56
Low 231.31
Low Date 05/19/2022
High 452.34
High Date 03/04/2024
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.