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Yearly Pattern:Descending Triangle
Number of records: 4
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern

The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.

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- 3/15/2024 -
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Deere & Co. (DE) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance lineTrend resistance at 385.62
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtPrice has crossed above the 50 Day Moving Average
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It was a fourth positive week after 3 consecutive negative weeks for the Deere & Co. (DE). During the week, the DE gained 9.29 points, or 2.48%, and closed at 383.39 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was -24% below average.

DE is a member of Industrials Sector. Industrials 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 DE long-term trend chart]
A long-term uptrend had started on October 8, 1998 at 13.78 and reached 450.00 on July 25, 2023. DE gained -436.22 points, or -3165.60%, in 1293 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The uptrend resistance line (40.26) 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 DE medium-term trend chart]
A medium-term downtrend had started on January 2, 2024 at 406.58 and reached 353.15 on February 22, 2024. DE lost 53.43 points, or 13.14%, in 7 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The price is near the trend resistance line (385.62). 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 medium-term trend.

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

The weekly MACD line is below its signal line since February 16, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See DE short-term trend chart]
A short-term uptrend had started on February 22, 2024 at 353.15 and reached 383.98 on March 15, 2024. DE gained -30.83 points, or -8.73%, in 22 days. Price is near the trend high.

Daily Technical Indicators: [See DE 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. 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 daily MACD line is above its signal line since March 1, 2024. This is an indication that the short-term trend is up.

During the last week, the price has advanced above the 50 Day Moving Average. While the medium-term trend is down and daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.49
Williams' Percentage Range (W%R) 19.40
Overbought
Lane's Stochastic (%D-Slow) 87.39
Overbought
Greed/Fear Indicator (GFI) 81.16
Overbought
Moving Average Converg./Diverg. (MACD) -2.31
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.22
Williams' Percentage Range (W%R) 53.50
Lane's Stochastic (%D-Slow) 32.99
Greed/Fear Indicator (GFI) 43.21
Moving Average Converg./Diverg. (MACD) -4.03
Trading Signals
Description Value Chart
Upper Bollinger Band 389.24
Monthly Trendline Resistance 385.62
Price 383.39
Daily Stochastic Crossing 381.31
50 Day Moving Average 380.03
Parabolic System 374.45
20 Day Moving Average 367.79
Weekly Stochastic Crossing 366.53
Lower Bollinger Band 358.32
Monthly Trendline Support 337.77
Sector and Industry
Description Name Rank
Sector Industrials 12
Industry Agricultural & Farm Machinery 16
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 363.57
Low Date 03/05/2024
High 383.98
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 353.15
Low Date 02/22/2024
High 383.98
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Test Resistance
Resistance 385.62
Support 337.77
High 406.58
High Date 01/02/2024
Low 353.15
Low Date 02/22/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 450.00
High Date 07/25/2023
Low 353.15
Low Date 02/22/2024
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Status Broken Resistance
Resistance 201.69
Support 40.26
Low 13.78
Low Date 10/08/1998
High 450.00
High Date 07/25/2023
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.