Newell Brands (NWL) made a top formation from early 2016 to the middle of 2017, and its downside move is still playing out for the bears. Let's visit with the charts and indicators to see if there is any light at the end of the technical tunnel.
In this daily bar chart of NWL, below, we can see a downtrend stretching back to November of last year. Prices have stayed below the declining 200-day moving average line the entire time and the shorter 50-day moving average line worked pretty well for traders to sell against.
The daily On-Balance-Volume (OBV) line has been weak since February and tells me that sellers of NWL have been more aggressive for several months.
The trend-following Moving Average Convergence Divergence (MACD) oscillator has only briefly poked its head above the zero line over the past year.
In this weekly bar chart of NWL, below, we look back three years. Prices are below the declining 40-week moving average line.
The weekly OBV line just made a new low for the move down to help confirm the new price lows made this month.
The weekly MACD oscillator crossed to the downside in August for another outright sell signal.
In this Point and Figure chart of NWL, below, we can see a price target of $14.
Bottom line strategy: Unfortunately NWL is still in a downtrend with no signs of either buying or climax selling. $14 is the next downside price target.