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Downtrend Broken Resist.Archive
- 9/22/2023 -
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McCormick & Co. (MKC) Technical Analysis
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| Summary:
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| | It was the negative week for the McCormick & Co. (MKC). During the week, the MKC dropped -3.24 points, or -4.06%, and closed at 76.55 on Friday, September 22, 2023. On Friday MKC has reached 76.53 - the lowest level since March 31, 2023. Weekly volume was -12% below average.
MKC is a member of Consumer Staples Sector. Consumer Staples is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See MKC long-term trend chart]
A long-term downtrend had started on March 7, 2022 at 107.35 and reached 70.60 on March 13, 2023. MKC lost 36.75 points, or 34.23%, in 53 weeks. The price is now at the 16.19% retracement level.
 Medium-term trend: [See MKC medium-term trend chart]
A medium-term downtrend had started on June 23, 2023 at 94.38 and reached 76.53 on September 22, 2023. MKC lost 17.85 points, or 18.91%, in 13 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend support line (78.67) is broken, while daily and weekly technical indicators are oversold. Downtrend 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 support in a medium-term trend.
 Weekly Technical Indicators: [See MKC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with weekly strongly 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 July 28, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.
Short-term trend: [See MKC short-term trend chart]
A short-term downtrend had started on July 27, 2023 at 90.45 and reached 76.53 on September 22, 2023. MKC lost 13.92 points, or 15.39%, in 57 days. Price is near the trend low.
Daily Technical Indicators: [See MKC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
The price has closed on Friday below the lower Bollinger Band. It is considered a bearish 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.
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