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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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- 7/12/2024 -
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M&T Bank Corp. (MTB) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is strongly overboughtMACD bearish divergenceWeekly  MACD line has moved above its signal lineBroken trend resistance line
Daily :Williams' Percentage Range is overboughtBearish Deliberation CandlestickThe 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 M&T Bank Corp. (MTB). During the week, the MTB gained 8.72 points, or 5.95%, and closed at 155.21 on Friday, July 12, 2024. It was the best weekly gain since April 19, 2024. Weekly volume was -19% below average.

MTB is a member of Financials Sector. Financials is the second most overbought 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 MTB long-term trend chart]
A long-term downtrend had started on August 16, 2022 at 193.42 and reached 108.53 on October 27, 2023. MTB lost 84.89 points, or 43.89%, in 62 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (107.33) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. MTB may retest the broken resistance line. It is considered to be a support line now. 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 MTB medium-term trend chart]
A medium-term uptrend had started on June 11, 2024 at 139.78 and reached 156.66 on July 12, 2024. MTB gained -16.88 points, or -12.08%, in 4 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 147.71 and resistance is at 157.99. 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 medium-term trend.

Weekly Technical Indicators: [See MTB 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 MTB short-term trend chart]
A short-term uptrend had started on July 5, 2024 at 145.82 and reached 156.66 on July 12, 2024. MTB gained -10.84 points, or -7.43%, in 7 days. The price is now at the 13.38% retracement level.

Daily Technical Indicators: [See MTB daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.

The daily MACD line is above its signal line since June 20, 2024. This is an indication that the short-term trend is up.

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.

Candlestick pattern: [See MTB candlestick chart pattern]
On Friday the chart has formed a Bearish Deliberation Candlestick pattern. This pattern occurs in an uptrend;it appears after a sustained upward move and suggests that the rally is losing strength and a reversal is possible. The reliability of the Bearish Deliberation pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bearish Deliberation Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.92
Williams' Percentage Range (W%R) 10.60
Overbought
Lane's Stochastic (%D-Slow) 69.76
Greed/Fear Indicator (GFI) 74.69
Moving Average Converg./Diverg. (MACD) 0.76
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 63.83
Williams' Percentage Range (W%R) 7.00
Strong Overbought
Lane's Stochastic (%D-Slow) 54.68
Greed/Fear Indicator (GFI) 68.95
Moving Average Converg./Diverg. (MACD) 3.91 Bearish
Trading Signals
Description Value Chart
Monthly Trendline Resistance 157.99
Upper Bollinger Band 156.27
Price 155.21
Daily Stochastic Crossing 154.41
Weekly Stochastic Crossing 149.34
50 Day Moving Average 149.04
20 Day Moving Average 148.66
Parabolic System 148.09
Monthly Trendline Support 147.71
Lower Bollinger Band 143.01
Sector and Industry
Description Name Rank
Sector Financials 8
Industry Regional Banks 82
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 145.82
Low Date 07/05/2024
High 156.66
High Date 07/12/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 145.82
Low Date 07/05/2024
High 156.66
High Date 07/12/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 157.99
Support 147.71
Low 139.78
Low Date 06/11/2024
High 156.66
High Date 07/12/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 108.53
Low Date 10/27/2023
High 156.66
High Date 07/12/2024
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 93.51
Support 107.33
High 193.42
High Date 08/16/2022
Low 108.53
Low Date 10/27/2023
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.