Jefferies ( JEF) downgraded the shares of truck maker Paccar ( PCAR) Tuesday from "Buy" to "Hold." Let's check out the charts and indicators. 
In this daily bar chart of PCAR, below, we can see that prices have been in a $82 to $98 trading range the past five months, but now prices look like they will break down to a new low below $82. PCAR is trading below both the declining 50-day moving average line and the bearish 200-day line. The On-Balance-Volume (OBV) line has moved sideways since August. The trend-following Moving Average Convergence Divergence (MACD) oscillator is bearish.
In this weekly Japanese candlestick chart of PCAR, below, we can see an important "neckline" across $80. Prices have bounced off $80 a number of times but this may not be the case now. PCAR is below the declining 40-week moving average line. The weekly OBV line shows a decline from early 2021. The MACD oscillator crossed to the downside in February and is now close to crossing below the zero-line.
In this daily Point and Figure chart of PCAR, below, we can see that prices made a new low for the move down on this chart. A price target of $73 is shown.
In this weekly Point and Figure chart of PCAR, below, we can see a potential downside price target in the $70 area.
Bottom line strategy: The charts and indicators of PCAR look weak. Prices are likely to head lower. Traders should avoid the long side.
