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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McKesson Corp. (New) (MCK) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergence
Daily :Williams' Percentage Range and Lane's Stochastic are strongly overboughtThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the McKesson Corp. (New) (MCK). During the week, the MCK gained 17.31 points, or 3.04%, and closed at 586.90 on Friday, June 7, 2024. Weekly volume was -18% below average.

Long-term trend: [See MCK long-term trend chart]
A long-term uptrend had started on December 24, 2018 at 106.11 and reached 591.80 on June 7, 2024. MCK gained -485.69 points, or -457.72%, in 284 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (177.58) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 MCK medium-term trend chart]
A medium-term uptrend had started on March 15, 2023 at 331.75 and reached 591.80 on June 7, 2024. MCK gained -260.05 points, or -78.39%, in 64 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (534.78) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.

Weekly Technical Indicators: [See MCK weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic and MACD bearish 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 weekly MACD line is above its signal line since May 10, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See MCK short-term trend chart]
A short-term uptrend had started on May 28, 2024 at 547.01 and reached 591.80 on June 7, 2024. MCK gained -44.79 points, or -8.19%, in 10 days. The price is now at the 10.94% retracement level.

Daily Technical Indicators: [See MCK daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic.

The daily MACD line is above its signal line since May 30, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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) 66.08
Williams' Percentage Range (W%R) 2.80
Strong Overbought
Lane's Stochastic (%D-Slow) 95.43
Strong Overbought
Greed/Fear Indicator (GFI) 86.23
Overbought
Moving Average Converg./Diverg. (MACD) 8.41
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.27
Williams' Percentage Range (W%R) 1.10
Strong Overbought
Lane's Stochastic (%D-Slow) 83.25
Overbought Bearish
Greed/Fear Indicator (GFI) 81.60
Overbought
Moving Average Converg./Diverg. (MACD) 24.65 Bearish
Trading Signals
Description Value Chart
Daily Stochastic Crossing 589.83
Price 586.90
Upper Bollinger Band 585.69
Weekly Stochastic Crossing 581.82
Quarterly Trendline Resistance 574.14
Parabolic System 570.54
20 Day Moving Average 563.43
50 Day Moving Average 545.30
Lower Bollinger Band 541.69
Yearly Trendline Resistance 539.66
Quarterly Trendline Support 534.78
Sector and Industry
Description Name Rank
Sector Health Care 5
Industry Health Care Distributors 31
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 547.01
Low Date 05/28/2024
High 591.80
High Date 06/07/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 547.01
Low Date 05/28/2024
High 591.80
High Date 06/07/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 514.88
Low Date 04/18/2024
High 591.80
High Date 06/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 574.14
Support 534.78
Low 331.75
Low Date 03/15/2023
High 591.80
High Date 06/07/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 539.66
Support 177.58
Low 106.11
Low Date 12/24/2018
High 591.80
High Date 06/07/2024
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.