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.

Archive
- 6/7/2024 -
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Celanese (CE) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance line
Daily :Lane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldMACD bullish divergenceA Parabolic SAR indicator is below and near the price
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It was the negative week for the Celanese (CE). During the week, the CE dropped -5.57 points, or -3.66%, and closed at 146.47 on Friday, June 7, 2024. It was the worst weekly loss since April 12, 2024. Weekly volume was -37% below average.

CE 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 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 (122.56) 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 September 26, 2022 at 86.71 and reached 172.16 on March 28, 2024. CE gained -85.45 points, or -98.55%, in 78 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 123.69 and resistance is at 177.71. 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 CE weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since April 12, 2024. Use the following link to access a MACD help.

Short-term trend: [See CE short-term trend chart]
A short-term downtrend had started on May 9, 2024 at 169.50 and reached 144.50 on June 7, 2024. CE lost 25.00 points, or 14.75%, in 29 days. The price is now at the 7.88% retracement level.

Daily Technical Indicators: [See CE daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since May 16, 2024. This is an indication that the short-term trend is down.

A Parabolic SAR (stop and reversal) indicator (147.93) comes close to the price (146.47). 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 27.99
Williams' Percentage Range (W%R) 93.60
Strong Oversold
Lane's Stochastic (%D-Slow) 18.14
Oversold
Greed/Fear Indicator (GFI) 17.50
Oversold
Moving Average Converg./Diverg. (MACD) -2.32 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 43.08
Williams' Percentage Range (W%R) 76.90
Lane's Stochastic (%D-Slow) 21.54
Greed/Fear Indicator (GFI) 29.90
Moving Average Converg./Diverg. (MACD) 6.84
Trading Signals
Description Value Chart
Upper Bollinger Band 160.80
50 Day Moving Average 156.93
20 Day Moving Average 152.74
Weekly Stochastic Crossing 148.32
Parabolic System 147.93
Price 146.47
Daily Stochastic Crossing 145.98
Lower Bollinger Band 142.65
Quarterly Trendline Support 123.69
Yearly Trendline Support 122.56
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 55
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 169.50
High Date 05/09/2024
Low 144.50
Low Date 06/07/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 172.16
High Date 03/28/2024
Low 144.50
Low Date 06/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 97.12
Low Date 03/24/2023
High 172.16
High Date 03/28/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 177.71
Support 123.69
Low 86.71
Low Date 09/26/2022
High 172.16
High Date 03/28/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 68.07
Support 122.56
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.