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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis |
A rectangle chart pattern is characterized
as a short-term horizontal channel, and it represents a trading range and
indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark
significant top and bottom. The rectangle pattern within a younger parent trend has more
chances to mark a continuation. To estimate the maturity of the parent trend,
consult technical indicators. Volume should increase during breakout, but in
contrast with other continuation patterns, the rectangle does not inherit standard
volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and
vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young
trend characterized by neutral long-term indicators and overbought/oversold
daily indicators. The pattern resets short-term indicators to neutral and then
continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend
characterized by overbought/oversold indicators on long and short time frames.
This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
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Advanced TA SearchArchive - 4/26/2024 - Sign In to see current Signals. |
Estee Lauder (EL) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was a second consecutive positive week for the Estee Lauder (EL). During the week, the EL gained 3.04 points, or 2.11%, and closed at 147.45 on Friday, April 26, 2024. Weekly volume was -16% below average. Long-term trend: [See EL long-term trend chart] A long-term downtrend had started on February 2, 2023 at 283.62 and reached 102.22 on November 1, 2023. EL lost 181.40 points, or 63.96%, in 38 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level. Medium-term trend: [See EL medium-term trend chart] A medium-term uptrend had started on November 1, 2023 at 102.22 and reached 159.75 on February 5, 2024. EL gained -57.53 points, or -56.28%, in 13 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (154.23) is broken. A broken support is considered to be a long-term bearish signal. 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 support in a medium-term trend. Weekly Technical Indicators: [See EL weekly technical indicators chart] Weekly technical indicators are neutral. The weekly MACD line is above its signal line since December 1, 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 EL short-term trend chart] A short-term downtrend had started on February 5, 2024 at 159.75 and reached 134.76 on April 16, 2024. EL lost 24.99 points, or 15.64%, in 71 days. The chart has formed a Falling Channel chart pattern. The trend support level is at 135.17 and resistance is at 157.91. A Falling Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a short-term trend. Daily Technical Indicators: [See EL 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 advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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.
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