The Greedy Trader Weekly Analysis
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Yearly Pattern:Broadening Ascending Wedge
Number of records: 10
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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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Arthur J. Gallagher & Co. (AJG)

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtBroken trend resistance linePrice is near the Fibonacci 23.6% retracement level
Daily :MACD bullish divergenceThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Arthur J. Gallagher & Co. (AJG). During the week, the AJG dropped -1.73 points, or -1.18%, and closed at 144.88 on Friday, June 4, 2021. Weekly volume was 35% above average.

AJG is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See AJG long-term trend chart]
A long-term uptrend had started on March 4, 2009 at 14.82 and reached 154.03 on May 10, 2021. AJG gained -139.21 points, or -939.34%, in 635 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (66.77) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 January 27, 2021 at 112.92 and reached 154.03 on May 10, 2021. AJG gained -41.11 points, or -36.41%, in 14 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Weekly Technical Indicators: [See AJG weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since March 26, 2021. 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 downtrend had started on May 10, 2021 at 154.03 and reached 143.00 on May 13, 2021. AJG lost 11.03 points, or 7.16%, in 3 days. The price is now at the 17.04% retracement level.

Daily Technical Indicators: [See AJG daily technical indicators chart]
Daily technical indicators are neutral. Daily MACD has bullish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bullish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is below its signal line since May 12, 2021. This is an indication that the short-term trend is down.

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 39.49
Williams' Percentage Range (W%R) 79.60
Lane's Stochastic (%D-Slow) 46.82
Greed/Fear Indicator (GFI) 35.57
Moving Average Converg./Diverg. (MACD) 2.10 Bullish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.84
Williams' Percentage Range (W%R) 21.40
Lane's Stochastic (%D-Slow) 81.19
Overbought
Greed/Fear Indicator (GFI) 74.17
Moving Average Converg./Diverg. (MACD) 7.46
Trading Signals
Description Value Chart
Weekly Stochastic Crossing 148.80
Upper Bollinger Band 148.68
Parabolic System 147.33
20 Day Moving Average 146.41
Daily Stochastic Crossing 145.64
Price 144.88
Lower Bollinger Band 141.18
50 Day Moving Average 139.55
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Insurance Brokers 103
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 154.03
High Date 05/10/2021
Low 143.00
Low Date 05/13/2021
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 112.92
Low Date 01/27/2021
High 154.03
High Date 05/10/2021
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 65.09
Low Date 03/18/2020
High 154.03
High Date 05/10/2021
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 35.96
Low Date 01/20/2016
High 154.03
High Date 05/10/2021
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 78.63
Support 66.77
Low 14.82
Low Date 03/04/2009
High 154.03
High Date 05/10/2021
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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