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Uptrend Broken SupportArchive
- 4/26/2024 -
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Zions Bancorp (ZION) Technical Analysis
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| Summary:
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| | It was a first positive week after 3 consecutive negative weeks for the Zions Bancorp (ZION). During the week, the ZION gained 1.84 points, or 4.61%, and closed at 41.76 on Friday, April 26, 2024. Weekly volume was -32% below average.
ZION 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 ZION long-term trend chart]
A long-term uptrend had started on May 4, 2023 at 18.26 and reached 46.15 on December 14, 2023. ZION gained -27.89 points, or -152.74%, in 32 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 40.07 and resistance is at 52.20. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.
 Medium-term trend: [See ZION medium-term trend chart]
A medium-term downtrend had started on December 14, 2023 at 46.15 and reached 37.76 on February 1, 2024. ZION lost 8.39 points, or 18.18%, in 7 weeks. The price is now at the 47.68% retracement level.
 Weekly Technical Indicators: [See ZION weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since February 23, 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 ZION short-term trend chart]
A short-term uptrend had started on February 1, 2024 at 37.76 and reached 43.63 on April 4, 2024. ZION gained -5.87 points, or -15.55%, in 63 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 39.13 and resistance is at 44.36. 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 short-term trend.
 Daily Technical Indicators: [See ZION daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. 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. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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.
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