The Greedy Trader Weekly Analysis
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- 5/22/2020 -
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Nasdaq (^IXIC)

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are overbought
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtLane's Stochastic and MACD bearish divergenceDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SAR
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It was a first positive week for the Nasdaq (^IXIC). During the week, the ^IXIC gained 310.03 points, or 3.44%, and closed at 9324.59 on Friday, May 22, 2020. ^IXIC was trading at average weekly trading volume.

Long-term trend: [See ^IXIC long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 1265.52 and reached 9838.37 on February 19, 2020. ^IXIC gained -8572.85 points, or -677.42%, in 571 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (6527.44) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 ^IXIC medium-term trend chart]
A medium-term uptrend had started on February 11, 2016 at 4209.76 and reached 9838.37 on February 19, 2020. ^IXIC gained -5628.61 points, or -133.70%, in 209 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 7163.92 and resistance is at 10144.17. 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 medium-term trend.

Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since May 8, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See ^IXIC short-term trend chart]
A short-term uptrend had started on March 23, 2020 at 6631.42 and reached 9405.25 on May 21, 2020. ^IXIC gained -2773.83 points, or -41.83%, in 59 days. The chart has formed a Rising Wedge chart pattern.

Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 69.76
Williams' Percentage Range (W%R) 14.60
Overbought
Lane's Stochastic (%D-Slow) 88.29
Overbought Bearish
Greed/Fear Indicator (GFI) 81.15
Overbought
Moving Average Converg./Diverg. (MACD) 228.14 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.54
Williams' Percentage Range (W%R) 17.50
Overbought
Lane's Stochastic (%D-Slow) 84.53
Overbought
Greed/Fear Indicator (GFI) 73.29
Moving Average Converg./Diverg. (MACD) 11.82
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 10144.17
Upper Bollinger Band 9410.06
Price 9324.59
Daily Stochastic Crossing 9312.87
Weekly Stochastic Crossing 9215.54
20 Day Moving Average 8982.19
Parabolic System 8860.52
Lower Bollinger Band 8502.95
50 Day Moving Average 8284.27
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Low 6631.42
Low Date 03/23/2020
High 9405.25
High Date 05/21/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 9838.37
High Date 02/19/2020
Low 6631.42
Low Date 03/23/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 6190.17
Low Date 12/24/2018
High 9838.37
High Date 02/19/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 10144.17
Support 7163.92
Low 4209.76
Low Date 02/11/2016
High 9838.37
High Date 02/19/2020
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 7377.10
Support 6527.44
Low 1265.52
Low Date 03/09/2009
High 9838.37
High Date 02/19/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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