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
- 9/22/2023 -
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Medtronic Inc. (MDT) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are oversold
Daily :A Parabolic SAR indicator is above and near the priceBroken trend resistance lineThe period of low volatility of the stock price
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It was the negative week for the Medtronic Inc. (MDT). During the week, the MDT dropped -1.50 points, or -1.83%, and closed at 80.27 on Friday, September 22, 2023. Weekly volume was -10% below average.

Long-term trend: [See MDT long-term trend chart]
A long-term downtrend had started on September 9, 2021 at 135.89 and reached 75.76 on December 16, 2022. MDT lost 60.13 points, or 44.25%, in 66 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 58.48 and resistance is at 84.85. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a long-term trend.

Medium-term trend: [See MDT medium-term trend chart]
A medium-term downtrend had started on May 3, 2023 at 92.02 and reached 78.92 on September 6, 2023. MDT lost 13.10 points, or 14.24%, in 18 weeks. The price is now at the 10.31% retracement level.

Weekly Technical Indicators: [See MDT weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range and Lane's Stochastic. 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 below its signal line since August 4, 2023. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See MDT short-term trend chart]
A short-term downtrend had started on July 27, 2023 at 91.00 and reached 78.92 on September 6, 2023. MDT lost 12.08 points, or 13.27%, in 41 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (75.80) 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 short-term trend.

Daily Technical Indicators: [See MDT daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since September 8, 2023. The distance between MACD and the signal line is low and getting smaller.

A Parabolic SAR (stop and reversal) indicator (80.12) comes close to the price (80.27). 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.

The distance between the Bollinger Bands is falling, and it was 4.29% on Friday. It is 55.44% lower than one year average. It indicates the period of low volatility of the stock price. 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) 40.55
Williams' Percentage Range (W%R) 65.50
Lane's Stochastic (%D-Slow) 43.86
Greed/Fear Indicator (GFI) 39.65
Moving Average Converg./Diverg. (MACD) -0.67
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 29.08
Williams' Percentage Range (W%R) 87.60
Oversold
Lane's Stochastic (%D-Slow) 14.39
Oversold
Greed/Fear Indicator (GFI) 23.36
Moving Average Converg./Diverg. (MACD) -0.15
Trading Signals
Description Value Chart
Yearly Trendline Resistance 84.85
50 Day Moving Average 83.69
Upper Bollinger Band 83.40
Daily Stochastic Crossing 81.37
20 Day Moving Average 81.37
Weekly Stochastic Crossing 80.48
Price 80.27
Parabolic System 80.12
Lower Bollinger Band 79.95
Weekly Trendline Resistance 77.02
Weekly Trendline Support 75.80
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Equipment 35
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 78.92
Low Date 09/06/2023
High 83.64
High Date 09/18/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 77.02
Support 75.80
High 91.00
High Date 07/27/2023
Low 78.92
Low Date 09/06/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 92.02
High Date 05/03/2023
Low 78.92
Low Date 09/06/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 75.76
Low Date 12/16/2022
High 92.02
High Date 05/03/2023
Description Value
Direction Down
Chart Pattern Falling Channel
Status Valid
Resistance 84.85
Support 58.48
High 135.89
High Date 09/09/2021
Low 75.76
Low Date 12/16/2022
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.