The Greedy Trader Weekly Analysis
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Downtrend Resistance
Downtrend 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. Stock market alert is a warning signal. Downtrend Resistance stock alert indicates that price is near long-term resistance trendline and probability of short-term trend reversal is high.

The strategy is based on selling long (or taking short) position on downtrend testing resistance. The strategy has low to medium risk and average reword.

Downtrend Resistance

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- 3/15/2024 -
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Southern Co. (SO) Technical Analysis

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Summary:
Weekly :Oversold sectorStochastic signal line moved above oversold area
Daily :Stochastic has declined below the signal lineA Parabolic SAR indicator is above and near the priceTrend resistance at 68.94Price is close to the 50 Day Moving Average
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It was a second consecutive positive week for the Southern Co. (SO). During the week, the SO climbed 0.08 points, or 0.12%, and closed at 69.09 on Friday, March 15, 2024. SO was trading at average weekly trading volume.

SO 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 SO long-term trend chart]
A long-term uptrend had started on March 12, 2009 at 26.48 and reached 80.57 on August 19, 2022. SO gained -54.09 points, or -204.27%, in 701 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 43.14 and resistance is at 86.14. 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 Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See SO medium-term trend chart]
A medium-term downtrend had started on August 19, 2022 at 80.57 and reached 58.85 on January 24, 2023. SO lost 21.72 points, or 26.96%, in 22 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 63.32 and resistance is at 70.24. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

Weekly Technical Indicators: [See SO weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 below its signal line since February 2, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See SO short-term trend chart]
A short-term downtrend had started on December 14, 2023 at 73.42 and reached 65.80 on February 16, 2024. SO lost 7.62 points, or 10.38%, in 64 days. The chart has formed a Falling Channel chart pattern. The price is near the trend resistance line (68.94). 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 short-term trend.

Daily Technical Indicators: [See SO daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 28, 2024.

A Parabolic SAR (stop and reversal) indicator (68.63) comes close to the price (69.09). It indicates that the trend is getting weaker. 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.

Price is close to the 50 Day Moving Average. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 70.00
Williams' Percentage Range (W%R) 31.70
Lane's Stochastic (%D-Slow) 78.81
Greed/Fear Indicator (GFI) 72.35
Moving Average Converg./Diverg. (MACD) 0.09
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.36
Williams' Percentage Range (W%R) 50.20
Lane's Stochastic (%D-Slow) 30.34
Greed/Fear Indicator (GFI) 42.23
Moving Average Converg./Diverg. (MACD) -0.13
Trading Signals
Description Value Chart
Upper Bollinger Band 70.86
Quarterly Trendline Resistance 70.24
Daily Stochastic Crossing 69.80
Price 69.09
Weekly Trendline Resistance 68.94
50 Day Moving Average 68.73
Parabolic System 68.63
20 Day Moving Average 68.02
Weekly Stochastic Crossing 67.40
Lower Bollinger Band 66.18
Weekly Trendline Support 64.51
Quarterly Trendline Support 63.32
Sector and Industry
Description Name Rank
Sector Utilities 1
Industry Electric Utilities 24
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Low 65.80
Low Date 02/16/2024
High 70.43
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Channel
Status Test Resistance
Resistance 68.94
Support 64.51
High 73.42
High Date 12/14/2023
Low 65.80
Low Date 02/16/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 61.56
Low Date 10/03/2023
High 73.42
High Date 12/14/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 70.24
Support 63.32
High 80.57
High Date 08/19/2022
Low 58.85
Low Date 01/24/2023
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Status Valid
Resistance 86.14
Support 43.14
Low 26.48
Low Date 03/12/2009
High 80.57
High Date 08/19/2022
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.