The Greedy Trader Weekly Analysis
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Yearly Pattern:Falling Pennant
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.


Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

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- 3/15/2024 -
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Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI)
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Williams' Percentage Range (W%R)
Lane's Stochastic (%D-Slow)
Greed/Fear Indicator (GFI)
Moving Average Converg./Diverg. (MACD)
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI)
Williams' Percentage Range (W%R)
Lane's Stochastic (%D-Slow)
Greed/Fear Indicator (GFI)
Moving Average Converg./Diverg. (MACD)
Trading Signals
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Monthly Trend
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Yearly Trend
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Support
Description Value
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Status
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Support
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.