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Downtrend Broken Resist.Archive
- 4/19/2024 -
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Corteva (CTVA) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week for the Corteva (CTVA). During the week, the CTVA gained 1.04 points, or 1.93%, and closed at 54.80 on Friday, April 19, 2024. Weekly volume was -35% below average.
CTVA 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 CTVA long-term trend chart]
A long-term downtrend had started on November 2, 2022 at 68.43 and reached 43.22 on November 13, 2023. CTVA lost 25.21 points, or 36.84%, in 53 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (36.09) 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 CTVA medium-term trend chart]
A medium-term uptrend had started on November 13, 2023 at 43.22 and reached 58.18 on March 28, 2024. CTVA gained -14.96 points, or -34.61%, in 19 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 45.12 and resistance is at 60.52. 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 CTVA weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 above its signal line since December 22, 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 CTVA short-term trend chart]
A short-term uptrend had started on April 15, 2024 at 53.19 and reached 54.84 on April 19, 2024. CTVA gained -1.65 points, or -3.10%, in 4 days. Price is near the trend high.
 Daily Technical Indicators: [See CTVA daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range and Lane's Stochastic. Use the following link to access Williams' Percentage Range help.
The daily MACD line is below its signal line since April 4, 2024.
Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. 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.
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