The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance 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. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/15/2024 -
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Ecolab Inc. (ECL) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtTrend resistance at 227.43
Daily :The price has risen above the Parabolic SARThe price touches the upper Bollinger Band
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It was a first positive week for the Ecolab Inc. (ECL). During the week, the ECL gained 3.24 points, or 1.45%, and closed at 226.70 on Friday, March 15, 2024. Weekly volume was 25% above average.

ECL is a member of Materials Sector. Materials 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 ECL long-term trend chart]
A long-term uptrend had started on November 3, 2022 at 131.04 and reached 227.27 on March 4, 2024. ECL gained -96.23 points, or -73.44%, in 69 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (227.43). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ECL medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 156.72 and reached 227.27 on March 4, 2024. ECL gained -70.55 points, or -45.02%, in 18 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ECL weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly 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, Relative Strength Index 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, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See ECL short-term trend chart]
A short-term uptrend had started on March 11, 2024 at 221.92 and reached 227.13 on March 15, 2024. ECL gained -5.21 points, or -2.35%, in 4 days. The price is now at the 8.25% retracement level.

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

The daily MACD line is below its signal line since March 6, 2024. The distance between MACD and the signal line is low, but getting bigger.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

The price touches the upper Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.93
Williams' Percentage Range (W%R) 34.80
Lane's Stochastic (%D-Slow) 56.02
Greed/Fear Indicator (GFI) 64.05
Moving Average Converg./Diverg. (MACD) 5.16
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 86.29
Overbought
Williams' Percentage Range (W%R) 6.60
Strong Overbought
Lane's Stochastic (%D-Slow) 91.61
Strong Overbought
Greed/Fear Indicator (GFI) 83.62
Overbought
Moving Average Converg./Diverg. (MACD) 8.69
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 227.43
Upper Bollinger Band 227.32
Price 226.70
Daily Stochastic Crossing 225.02
Weekly Stochastic Crossing 224.69
20 Day Moving Average 222.68
Parabolic System 221.70
Lower Bollinger Band 214.54
50 Day Moving Average 209.61
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 42
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 221.92
Low Date 03/11/2024
High 227.13
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 221.92
Low Date 03/11/2024
High 227.13
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 156.72
Low Date 10/27/2023
High 227.27
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 227.43
Support 166.13
Low 131.04
Low Date 11/03/2022
High 227.27
High Date 03/04/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 238.93
High Date 11/22/2021
Low 131.04
Low Date 11/03/2022
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.