Downtrend Broken Resist.Archive
- 9/22/2023 -
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M&T Bank Corp. (MTB) Technical Analysis
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|It was the negative week for the M&T Bank Corp. (MTB). During the week, the MTB dropped -5.03 points, or -3.89%, and closed at 124.27 on Friday, September 22, 2023. Weekly volume was -43% below average. |
MTB is a member of Financials Sector. Financials is the 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 uptrend had started on May 14, 2020 at 85.09 and reached 193.42 on August 16, 2022. MTB gained -108.33 points, or -127.31%, in 117 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (207.25) is broken. A broken support is considered to be a long-term bearish 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 support in a long-term trend.
Medium-term trend: [See MTB medium-term trend chart]
A medium-term downtrend had started on August 16, 2022 at 193.42 and reached 109.36 on May 4, 2023. MTB lost 84.06 points, or 43.46%, in 37 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 79.36 and resistance is at 133.70. 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 MTB weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since May 26, 2023. The distance between MACD and the signal line is low and getting smaller. 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 September 8, 2023 at 117.82 and reached 130.90 on September 13, 2023. MTB gained -13.08 points, or -11.10%, in 5 days. The price is now at the 50.69% retracement level.
Daily Technical Indicators: [See MTB daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish 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.
The daily MACD line is above its signal line since September 11, 2023. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.
A Parabolic SAR (stop and reversal) indicator (123.94) comes close to the price (124.27). 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.
During the last week, the price has declined below 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.