Downtrend Broken Resist.Archive
- 9/22/2023 -
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Garmin Ltd. (GRMN) Technical Analysis
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|It was the negative week for the Garmin Ltd. (GRMN). During the week, the GRMN gave back -0.81 points, or -0.76%, and closed at 105.31 on Friday, September 22, 2023. Weekly volume was -27% below average. |
Long-term trend: [See GRMN long-term trend chart]
A long-term downtrend had started on August 31, 2021 at 178.81 and reached 76.37 on October 13, 2022. GRMN lost 102.44 points, or 57.29%, in 58 weeks. The price is now at the 28.25% retracement level.
Medium-term trend: [See GRMN medium-term trend chart]
A medium-term uptrend had started on August 18, 2023 at 100.71 and reached 108.00 on September 20, 2023. GRMN gained -7.29 points, or -7.24%, in 4 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.
Weekly Technical Indicators: [See GRMN weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since August 11, 2023. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
Short-term trend: [See GRMN short-term trend chart]
A short-term uptrend had started on September 7, 2023 at 101.81 and reached 108.00 on September 20, 2023. GRMN gained -6.19 points, or -6.08%, in 13 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (106.82) is broken. A broken support is considered to be a long-term bearish 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 support in a short-term trend.
Daily Technical Indicators: [See GRMN 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. 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 daily MACD line is above its signal line since September 8, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
A Parabolic SAR (stop and reversal) indicator (104.74) comes close to the price (105.31). 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.
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.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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.