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Negative MACD divergences
I noticed on a number of stocks that I follow that many have a developed a negative MACD divergence on the daily charts, but no MACD divergence on the weekly charts. What do you think that means for the price going forward?
Divergences themselves are not signals. They are indications of upcoming potential shifts, but not always. I do not believe, but not sure, if there is a boundary to how short or long these can last.
If the stock is reversing then the daily divergence is the canary in the mine, your weekly MACD will also roll over and turn negative. If the stock is correcting then your weekly MACD may stay healthy until the market resumes its upward momentum in September/October.