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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- 9/22/2023 -
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Celanese (CE) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overboughtBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARThe price has declined below the moving average in the center of the Bollinger BandsPrice is close to the 50 Day Moving Average
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It was the negative week for the Celanese (CE). During the week, the CE dropped -4.34 points, or -3.38%, and closed at 123.90 on Friday, September 22, 2023. Weekly volume was -26% below average.

CE is a member of Materials Sector. Materials is the second 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 CE long-term trend chart]
A long-term downtrend had started on January 5, 2022 at 176.50 and reached 86.71 on September 26, 2022. CE lost 89.79 points, or 50.87%, in 37 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (107.61) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See CE medium-term trend chart]
A medium-term uptrend had started on March 24, 2023 at 97.12 and reached 131.05 on September 20, 2023. CE gained -33.93 points, or -34.94%, in 25 weeks. The price is now at the 21.07% retracement level.

Weekly Technical Indicators: [See CE weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 Williams' Percentage Range help.

The weekly MACD line is above its signal line since June 2, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See CE short-term trend chart]
A short-term uptrend had started on September 13, 2023 at 123.11 and reached 131.05 on September 20, 2023. CE gained -7.94 points, or -6.45%, in 7 days. The price is now at the 90.05% retracement level.

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

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.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. 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.

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) 37.49
Williams' Percentage Range (W%R) 37.50
Lane's Stochastic (%D-Slow) 49.83
Greed/Fear Indicator (GFI) 49.94
Moving Average Converg./Diverg. (MACD) 1.45
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.68
Williams' Percentage Range (W%R) 16.70
Overbought
Lane's Stochastic (%D-Slow) 72.79
Greed/Fear Indicator (GFI) 70.67
Moving Average Converg./Diverg. (MACD) 2.93
Trading Signals
Description Value Chart
Parabolic System 130.89
Upper Bollinger Band 130.71
Weekly Stochastic Crossing 127.66
Daily Stochastic Crossing 126.48
20 Day Moving Average 125.71
Price 123.90
50 Day Moving Average 123.71
Lower Bollinger Band 120.09
Yearly Trendline Support 107.61
Yearly Trendline Resistance 99.82
Sector and Industry
Description Name Rank
Sector Materials 8
Industry Specialty Chemicals 74
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 123.11
Low Date 09/13/2023
High 131.05
High Date 09/20/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 115.94
Low Date 08/18/2023
High 131.05
High Date 09/20/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 97.12
Low Date 03/24/2023
High 131.05
High Date 09/20/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 86.71
Low Date 09/26/2022
High 131.05
High Date 09/20/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 99.82
Support 107.61
High 176.50
High Date 01/05/2022
Low 86.71
Low Date 09/26/2022
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.