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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Parker-Hannifin (PH) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved below its signal lineBroken trend resistance line
Daily :20 Day Moving Average has crossed below the 50 Day Moving AverageLane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldStochastic has raised above the signal lineLane's Stochastic bullish divergenceBullish Piercing Line Candlestick
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It was the negative week for the Parker-Hannifin (PH). During the week, the PH dropped -4.82 points, or -1.23%, and closed at 387.30 on Friday, September 22, 2023. Weekly volume was -26% below average.

Long-term trend: [See PH long-term trend chart]
A long-term uptrend had started on October 17, 1990 at 4.44 and reached 428.16 on August 9, 2023. PH gained -423.72 points, or -9543.24%, in 1712 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (96.40) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 PH medium-term trend chart]
A medium-term downtrend had started on August 9, 2023 at 428.16 and reached 380.74 on September 22, 2023. PH lost 47.42 points, or 11.08%, in 6 weeks. The price is now at the 13.83% retracement level.

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

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See PH short-term trend chart]
A short-term downtrend had started on September 5, 2023 at 423.16 and reached 380.74 on September 22, 2023. PH lost 42.42 points, or 10.02%, in 17 days. The price is now at the 15.46% retracement level.

Daily Technical Indicators: [See PH daily technical indicators chart]
Daily Lane's Stochastic is oversold while Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Lane's Stochastic or strongly oversold daily Williams' Percentage Range. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Daily Lane's Stochastic has bullish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bullish 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The daily MACD line is below its signal line since September 6, 2023. This is an indication that the short-term trend is down.

During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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 PH candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 22.90
Williams' Percentage Range (W%R) 98.40
Strong Oversold
Lane's Stochastic (%D-Slow) 19.88
Oversold Bullish
Greed/Fear Indicator (GFI) 14.80
Oversold
Moving Average Converg./Diverg. (MACD) -2.42
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 56.61
Williams' Percentage Range (W%R) 42.50
Lane's Stochastic (%D-Slow) 47.41
Greed/Fear Indicator (GFI) 51.92
Moving Average Converg./Diverg. (MACD) 22.31
Trading Signals
Description Value Chart
Upper Bollinger Band 421.84
Parabolic System 405.62
50 Day Moving Average 404.97
20 Day Moving Average 403.20
Weekly Stochastic Crossing 402.36
Price 387.30
Daily Stochastic Crossing 385.10
Lower Bollinger Band 375.65
Sector and Industry
Description Name Rank
Sector Industrials 7
Industry Industrial Machinery 67
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 423.16
High Date 09/05/2023
Low 380.74
Low Date 09/22/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 428.16
High Date 08/09/2023
Low 380.74
Low Date 09/22/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 300.86
Low Date 03/17/2023
High 428.16
High Date 08/09/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 230.44
Low Date 06/17/2022
High 428.16
High Date 08/09/2023
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 217.01
Support 96.40
Low 4.44
Low Date 10/17/1990
High 428.16
High Date 08/09/2023
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.