The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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ONEOK Inc. (OKE) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are overboughtOversold sector
Daily :Broken trend support lineRelative Strength Index is overboughtStochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SAR
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It was the negative week for the ONEOK Inc. (OKE). During the week, the OKE gave back -0.16 points, or -0.21%, and closed at 77.00 on Friday, March 15, 2024. Weekly volume was -30% below average.

OKE is a member of Utilities Sector. Utilities is the most oversold 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 OKE long-term trend chart]
A long-term uptrend had started on September 26, 2022 at 50.50 and reached 78.37 on March 13, 2024. OKE gained -27.87 points, or -55.19%, in 76 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (65.11) is broken, while daily and weekly technical indicators are overbought. Uptrend 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 resistance line in a long-term trend.

Medium-term trend: [See OKE medium-term trend chart]
A medium-term uptrend had started on May 17, 2023 at 55.91 and reached 78.37 on March 13, 2024. OKE gained -22.46 points, or -40.17%, in 43 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (68.62) is broken, while daily and weekly technical indicators are overbought. Uptrend 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 resistance line in a medium-term trend.

Weekly Technical Indicators: [See OKE weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See OKE short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 67.05 and reached 78.37 on March 13, 2024. OKE gained -11.32 points, or -16.88%, in 37 days. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (78.24) is broken. A broken support is considered to be a long-term bearish 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 support in a short-term trend.

Daily Technical Indicators: [See OKE daily technical indicators chart]
Daily Relative Strength Index is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index. 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 Relative Strength Index 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.72
Overbought
Williams' Percentage Range (W%R) 21.20
Lane's Stochastic (%D-Slow) 63.25
Greed/Fear Indicator (GFI) 74.91
Moving Average Converg./Diverg. (MACD) 1.78
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.61
Williams' Percentage Range (W%R) 10.50
Overbought
Lane's Stochastic (%D-Slow) 85.31
Overbought
Greed/Fear Indicator (GFI) 78.77
Moving Average Converg./Diverg. (MACD) 1.71
Trading Signals
Description Value Chart
Weekly Trendline Resistance 82.32
Upper Bollinger Band 79.31
Parabolic System 78.41
Weekly Trendline Support 78.24
Daily Stochastic Crossing 77.53
Weekly Stochastic Crossing 77.39
Price 77.00
Monthly Trendline Resistance 76.23
20 Day Moving Average 75.40
50 Day Moving Average 71.97
Lower Bollinger Band 71.22
Monthly Trendline Support 68.62
Quarterly Trendline Support 65.11
Sector and Industry
Description Name Rank
Sector Utilities 1
Industry Gas Utilities 56
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 78.37
High Date 03/13/2024
Low 76.31
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Support
Resistance 82.32
Support 78.24
Low 67.05
Low Date 02/05/2024
High 78.37
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 76.23
Support 68.62
Low 55.91
Low Date 05/17/2023
High 78.37
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 52.31
Support 65.11
Low 50.50
Low Date 09/26/2022
High 78.37
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 12.16
Low Date 03/18/2020
High 78.37
High Date 03/13/2024
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.