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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Ecolab Inc. (ECL) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance lineBroken trend support line
Daily :Williams' Percentage Range is oversoldThe price touches the lower Bollinger Band
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It was the negative week for the Ecolab Inc. (ECL). During the week, the ECL dropped -5.98 points, or -3.36%, and closed at 171.98 on Friday, September 22, 2023. It was the worst weekly loss since May 26, 2023. Weekly volume was -24% below average.

ECL 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 ECL long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 238.93 and reached 131.04 on November 3, 2022. ECL lost 107.89 points, or 45.16%, in 49 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (101.92) 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 ECL medium-term trend chart]
A medium-term uptrend had started on November 3, 2022 at 131.04 and reached 191.41 on July 26, 2023. ECL gained -60.37 points, or -46.07%, in 37 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (193.82) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. ECL may retest the broken support line. It is considered to be a resistance line now. 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 support in a medium-term trend.

Weekly Technical Indicators: [See ECL weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since August 18, 2023. Use the following link to access a MACD help.

Short-term trend: [See ECL short-term trend chart]
A short-term downtrend had started on August 31, 2023 at 185.22 and reached 170.89 on September 14, 2023. ECL lost 14.33 points, or 7.74%, in 14 days. The price is now at the 7.61% retracement level.

Daily Technical Indicators: [See ECL daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 daily MACD line is below its signal line since September 13, 2023. This is an indication that the short-term trend is down.

The price touches the lower Bollinger Band. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 22.17
Williams' Percentage Range (W%R) 87.30
Oversold
Lane's Stochastic (%D-Slow) 28.38
Greed/Fear Indicator (GFI) 21.08
Moving Average Converg./Diverg. (MACD) -1.35
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 39.74
Williams' Percentage Range (W%R) 68.20
Lane's Stochastic (%D-Slow) 28.19
Greed/Fear Indicator (GFI) 34.70
Moving Average Converg./Diverg. (MACD) 5.73
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 200.58
Quarterly Trendline Support 193.82
Upper Bollinger Band 185.94
50 Day Moving Average 182.63
Parabolic System 180.71
20 Day Moving Average 179.89
Weekly Stochastic Crossing 176.51
Daily Stochastic Crossing 173.87
Price 171.98
Lower Bollinger Band 171.68
Sector and Industry
Description Name Rank
Sector Materials 8
Industry Specialty Chemicals 74
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 179.38
High Date 09/15/2023
Low 171.68
Low Date 09/22/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 185.22
High Date 08/31/2023
Low 170.89
Low Date 09/14/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 191.41
High Date 07/26/2023
Low 170.89
Low Date 09/14/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 200.58
Support 193.82
Low 131.04
Low Date 11/03/2022
High 191.41
High Date 07/26/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 85.92
Support 101.92
High 238.93
High Date 11/22/2021
Low 131.04
Low Date 11/03/2022
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.