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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Flowserve Corp. (FLS) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range and Lane's Stochastic are overboughtTrend resistance at 44.64
Daily :Lane's Stochastic is overbought
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It was a third consecutive positive week for the Flowserve Corp. (FLS). During the week, the FLS gained 0.86 points, or 1.98%, and closed at 44.24 on Friday, March 15, 2024. Weekly volume was 18% above average.

FLS 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 FLS long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 23.89 and reached 45.09 on March 14, 2024. FLS gained -21.20 points, or -88.74%, in 74 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend resistance line (44.64). 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 FLS medium-term trend chart]
A medium-term uptrend had started on October 25, 2023 at 35.32 and reached 45.09 on March 14, 2024. FLS gained -9.77 points, or -27.66%, in 20 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 42.92 and resistance is at 47.29. 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 medium-term trend.

Weekly Technical Indicators: [See FLS 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 December 15, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See FLS short-term trend chart]
A short-term uptrend had started on March 5, 2024 at 41.94 and reached 45.09 on March 14, 2024. FLS gained -3.15 points, or -7.51%, in 9 days. The price is now at the 26.98% retracement level.

Daily Technical Indicators: [See FLS daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.

The daily MACD line is above its signal line since March 6, 2024. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.38
Williams' Percentage Range (W%R) 35.00
Lane's Stochastic (%D-Slow) 84.67
Overbought
Greed/Fear Indicator (GFI) 71.36
Moving Average Converg./Diverg. (MACD) 0.64
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.82
Williams' Percentage Range (W%R) 12.50
Overbought
Lane's Stochastic (%D-Slow) 81.74
Overbought
Greed/Fear Indicator (GFI) 75.80
Moving Average Converg./Diverg. (MACD) 1.17
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 47.29
Upper Bollinger Band 44.70
Yearly Trendline Resistance 44.64
Daily Stochastic Crossing 44.59
Price 44.24
Weekly Stochastic Crossing 43.99
Monthly Trendline Resistance 43.74
Parabolic System 43.13
20 Day Moving Average 42.98
Quarterly Trendline Support 42.92
Monthly Trendline Support 42.39
50 Day Moving Average 41.60
Lower Bollinger Band 41.37
Yearly Trendline Support 39.92
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Industrial Machinery 105
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 41.94
Low Date 03/05/2024
High 45.09
High Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 41.94
Low Date 03/05/2024
High 45.09
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 43.74
Support 42.39
Low 39.21
Low Date 01/08/2024
High 45.09
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 47.29
Support 42.92
Low 35.32
Low Date 10/25/2023
High 45.09
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Resistance
Resistance 44.64
Support 39.92
Low 23.89
Low Date 10/13/2022
High 45.09
High Date 03/14/2024
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.