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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McKesson Corp. (New) (MCK) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtMACD bearish divergenceWeekly  MACD line has moved above its signal line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtPrice is near the Fibonacci 23.6% retracement level
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It was a first positive week for the McKesson Corp. (New) (MCK). During the week, the MCK gained 18.53 points, or 4.41%, and closed at 438.66 on Friday, September 22, 2023. Weekly volume was -15% 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 444.80 on September 20, 2023. MCK gained -338.69 points, or -319.19%, in 247 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 168.59 and resistance is at 478.16. 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 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 444.80 on September 20, 2023. MCK gained -113.05 points, or -34.08%, in 27 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 415.63 and resistance is at 482.91. 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 MCK weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly 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 link to access Williams' Percentage Range help.

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 September 14, 2023 at 417.65 and reached 444.80 on September 20, 2023. MCK gained -27.15 points, or -6.50%, in 6 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

The daily MACD line is above its signal line since September 12, 2023. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.09
Williams' Percentage Range (W%R) 19.40
Overbought
Lane's Stochastic (%D-Slow) 85.59
Overbought
Greed/Fear Indicator (GFI) 81.09
Overbought
Moving Average Converg./Diverg. (MACD) 2.03
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.59
Williams' Percentage Range (W%R) 8.40
Strong Overbought
Lane's Stochastic (%D-Slow) 58.88
Greed/Fear Indicator (GFI) 68.51
Moving Average Converg./Diverg. (MACD) 14.18 Bearish
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 482.91
Yearly Trendline Resistance 478.16
Upper Bollinger Band 443.26
Daily Stochastic Crossing 440.12
Price 438.66
Parabolic System 426.70
Weekly Stochastic Crossing 424.47
20 Day Moving Average 422.74
50 Day Moving Average 420.43
Quarterly Trendline Support 415.63
Lower Bollinger Band 408.23
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Distributors 66
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 417.65
Low Date 09/14/2023
High 444.80
High Date 09/20/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 417.65
Low Date 09/14/2023
High 444.80
High Date 09/20/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 404.72
Low Date 09/05/2023
High 444.80
High Date 09/20/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 482.91
Support 415.63
Low 331.75
Low Date 03/15/2023
High 444.80
High Date 09/20/2023
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 478.16
Support 168.59
Low 106.11
Low Date 12/24/2018
High 444.80
High Date 09/20/2023
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.