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Downtrend ResistanceArchive
- 4/26/2024 -
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Pinnacle West Capital (PNW) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the Pinnacle West Capital (PNW). During the week, the PNW gave back -0.71 points, or -0.95%, and closed at 73.69 on Friday, April 26, 2024. Weekly volume was -19% below average.
PNW is a member of Utilities Sector. Utilities 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 PNW long-term trend chart]
A long-term downtrend had started on July 25, 2023 at 86.03 and reached 65.20 on February 8, 2024. PNW lost 20.83 points, or 24.21%, in 28 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (62.13) 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. PNW 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 PNW medium-term trend chart]
A medium-term uptrend had started on February 8, 2024 at 65.20 and reached 75.28 on April 23, 2024. PNW gained -10.08 points, or -15.46%, in 10 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 72.90 and resistance is at 77.84. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See PNW weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic. During the last week, weekly 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 weekly MACD line is above its signal line since March 8, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See PNW short-term trend chart]
A short-term uptrend had started on April 16, 2024 at 70.72 and reached 75.28 on April 23, 2024. PNW gained -4.56 points, or -6.45%, in 7 days. The price is now at the 34.87% retracement level.
Daily Technical Indicators: [See PNW 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 MACD line has moved above its signal line. Such crossover is considered a bullish signal.
A Parabolic SAR (stop and reversal) indicator (73.17) comes close to the price (73.69). 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.
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