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Weekly RSI Divergence:Bearish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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Allstate Corp. (ALL) Technical Analysis

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Summary:
Weekly :Overbought sectorTrend resistance at 162.37
Daily :Lane's Stochastic is overboughtDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price touches the upper Bollinger BandThe Bollinger Bands are historically close together
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It was a second consecutive positive week for the Allstate Corp. (ALL). During the week, the ALL gained 5.28 points, or 3.36%, and closed at 162.20 on Friday, March 15, 2024. It was the best weekly gain since January 5, 2024. ALL was trading at average weekly trading volume.

ALL 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 ALL long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 13.77 and reached 168.05 on February 8, 2024. ALL gained -154.28 points, or -1120.41%, in 778 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend resistance line (162.37). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a long-term trend.

Medium-term trend: [See ALL medium-term trend chart]
A medium-term uptrend had started on July 17, 2023 at 100.57 and reached 168.05 on February 8, 2024. ALL gained -67.48 points, or -67.10%, in 29 weeks. The price is now at the 8.67% retracement level.

Weekly Technical Indicators: [See ALL weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since July 21, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See ALL short-term trend chart]
A short-term uptrend had started on March 4, 2024 at 153.87 and reached 162.66 on March 15, 2024. ALL gained -8.79 points, or -5.71%, in 11 days. The price is now at the 5.23% retracement level.

Daily Technical Indicators: [See ALL daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily 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.

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.

The price touches the upper Bollinger Band. The distance between the Bollinger Bands (4.51%) is close to one year low (4.41%). It is 57.78% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 57.19
Williams' Percentage Range (W%R) 62.10
Lane's Stochastic (%D-Slow) 86.60
Overbought
Greed/Fear Indicator (GFI) 60.57
Moving Average Converg./Diverg. (MACD) 0.89
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.25
Williams' Percentage Range (W%R) 22.00
Lane's Stochastic (%D-Slow) 68.40
Greed/Fear Indicator (GFI) 70.83
Moving Average Converg./Diverg. (MACD) 9.74
Trading Signals
Description Value Chart
Weekly Stochastic Crossing 163.11
Yearly Trendline Resistance 162.37
Upper Bollinger Band 162.36
Price 162.20
Daily Stochastic Crossing 161.62
20 Day Moving Average 158.98
50 Day Moving Average 156.87
Lower Bollinger Band 155.06
Parabolic System 155.01
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Property & Casualty Insurance 121
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 153.87
Low Date 03/04/2024
High 162.66
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 168.05
High Date 02/08/2024
Low 153.87
Low Date 03/04/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 104.29
Low Date 08/21/2023
High 168.05
High Date 02/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 100.57
Low Date 07/17/2023
High 168.05
High Date 02/08/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Resistance
Resistance 162.37
Support 105.02
Low 13.77
Low Date 03/09/2009
High 168.05
High Date 02/08/2024
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.