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Yearly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations
Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.
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- 7/31/2020 -
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Arthur J. Gallagher & Co. (AJG)

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overbought
Daily :Relative Strength Index is overboughtStochastic signal line moved below overbought areaLane's Stochastic and MACD bearish divergence
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It was a sixth consecutive positive week for the Arthur J. Gallagher & Co. (AJG). During the week, the AJG gained 3.56 points, or 3.43%, and closed at 107.49 on Friday, July 31, 2020. Weekly volume was -20% below average.

Long-term trend: [See AJG long-term trend chart]
A long-term uptrend had started on March 4, 2009 at 14.82 and reached 109.46 on February 18, 2020. AJG gained -94.64 points, or -638.60%, in 571 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (50.10) 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 AJG medium-term trend chart]
A medium-term uptrend had started on March 18, 2020 at 65.09 and reached 108.99 on July 31, 2020. AJG gained -43.90 points, or -67.45%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 106.60 and resistance is at 114.16. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See AJG weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since May 22, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See AJG short-term trend chart]
A short-term uptrend had started on June 15, 2020 at 92.49 and reached 108.99 on July 31, 2020. AJG gained -16.50 points, or -17.84%, in 46 days. The price is now at the 9.09% retracement level.

Daily Technical Indicators: [See AJG daily technical indicators chart]
Daily Relative Strength Index is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. 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.

The daily MACD line is above its signal line since July 13, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 89.45
Overbought
Williams' Percentage Range (W%R) 23.00
Lane's Stochastic (%D-Slow) 70.80
Bearish
Greed/Fear Indicator (GFI) 79.08
Moving Average Converg./Diverg. (MACD) 2.17 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 86.91
Overbought
Williams' Percentage Range (W%R) 6.80
Strong Overbought
Lane's Stochastic (%D-Slow) 87.79
Overbought
Greed/Fear Indicator (GFI) 83.48
Overbought
Moving Average Converg./Diverg. (MACD) 1.23
Trading Signals
Description Value Chart
Weekly Trendline Resistance 114.16
Upper Bollinger Band 108.28
Price 107.49
Weekly Stochastic Crossing 107.30
Daily Stochastic Crossing 107.28
Weekly Trendline Support 106.60
Parabolic System 102.49
20 Day Moving Average 102.06
50 Day Moving Average 98.63
Lower Bollinger Band 96.40
Sector and Industry
Description Name Rank
Sector Financials 4
Industry Insurance Brokers 107
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 92.49
Low Date 06/15/2020
High 108.99
High Date 07/31/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 114.16
Support 106.60
Low 65.09
Low Date 03/18/2020
High 108.99
High Date 07/31/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 109.46
High Date 02/18/2020
Low 65.09
Low Date 03/18/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 35.96
Low Date 01/20/2016
High 109.46
High Date 02/18/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 75.21
Support 50.10
Low 14.82
Low Date 03/04/2009
High 109.46
High Date 02/18/2020
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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