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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- 6/7/2024 -
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Medtronic Inc. (MDT) Technical Analysis

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Summary:
Weekly :Broken trend resistance line
Daily :Stochastic signal line moved above oversold areaDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARPrice has crossed above the 50 Day Moving AverageThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Medtronic Inc. (MDT). During the week, the MDT gained 2.70 points, or 3.32%, and closed at 84.07 on Friday, June 7, 2024. Weekly volume was 15% above 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 68.84 on October 30, 2023. MDT lost 67.05 points, or 49.34%, in 111 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (63.99) 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 MDT medium-term trend chart]
A medium-term downtrend had started on January 31, 2024 at 89.18 and reached 78.43 on April 18, 2024. MDT lost 10.75 points, or 12.05%, in 11 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 74.88 and resistance is at 85.66. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

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

The weekly MACD line is below its signal line since April 5, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. 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 May 17, 2024 at 86.17 and reached 80.46 on May 30, 2024. MDT lost 5.71 points, or 6.63%, in 13 days. The chart has formed a Broadening Descending Wedge chart pattern.

Daily Technical Indicators: [See MDT daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. 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 moved above 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 price 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 43.85
Williams' Percentage Range (W%R) 68.60
Lane's Stochastic (%D-Slow) 58.65
Greed/Fear Indicator (GFI) 44.61
Moving Average Converg./Diverg. (MACD) 0.04
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 50.81
Williams' Percentage Range (W%R) 64.50
Lane's Stochastic (%D-Slow) 50.73
Greed/Fear Indicator (GFI) 45.06
Moving Average Converg./Diverg. (MACD) 0.32
Trading Signals
Description Value Chart
Upper Bollinger Band 85.90
Monthly Trendline Resistance 85.66
Price 84.07
20 Day Moving Average 83.28
Daily Stochastic Crossing 82.93
Weekly Stochastic Crossing 82.61
50 Day Moving Average 82.42
Parabolic System 80.38
Lower Bollinger Band 79.50
Monthly Trendline Support 74.88
Sector and Industry
Description Name Rank
Sector Health Care 5
Industry Health Care Equipment 58
Daily Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
High 86.17
High Date 05/17/2024
Low 80.46
Low Date 05/30/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 78.43
Low Date 04/18/2024
High 86.17
High Date 05/17/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 85.66
Support 74.88
High 89.18
High Date 01/31/2024
Low 78.43
Low Date 04/18/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 68.84
Low Date 10/30/2023
High 89.18
High Date 01/31/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 62.77
Support 63.99
High 135.89
High Date 09/09/2021
Low 68.84
Low Date 10/30/2023
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.