The Greedy Trader Weekly Analysis
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Monthly Pattern:Rising Wedge
Number of records: 10
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Rising Wedge Pattern (Ascending Wedge)

Rising Wedge Chart PatternA Rising Wedge pattern also known as Ascending Wedge pattern is one of the most reliable, low-risk, and high-reward chart pattern. A Rising Wedge (Ascending Wedge) pattern is a triangle formation with noticeable slant to the upside. The line that connects the bottoms of the formation represents a support trend line. The resistance trend line connects the formation's tops. The Rising Wedge pattern is valid when the price touched both the support and resistance lines alternatively at least tree times. Unlike the Rising Channel formation, where support and resistance lines are parallel, in a Rising Wedge formation the support line is noticeably steeper than the resistance line. A Rising Wedge represents the loss of the upside momentum and has a bearish bias.

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- 3/15/2024 -
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EOG Resources (EOG) Technical Analysis

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Summary:
Weekly :Overbought sectorWeekly  MACD line has moved above its signal lineTrend support at 122.33Broken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index is strongly overboughtStochastic has declined below the signal line20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a third consecutive positive week for the EOG Resources (EOG). During the week, the EOG gained 4.07 points, or 3.43%, and closed at 122.79 on Friday, March 15, 2024. Weekly volume was 11% above average.

EOG is a member of Energy Sector. Energy 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 EOG long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 27.00 and reached 150.88 on November 4, 2022. EOG gained -123.88 points, or -458.81%, in 137 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend support (122.33) line. The support is usually stronger when technical indicators are oversold. 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 support line in a long-term trend.

Medium-term trend: [See EOG medium-term trend chart]
A medium-term downtrend had started on October 20, 2023 at 136.79 and reached 108.94 on January 19, 2024. EOG lost 27.85 points, or 20.36%, in 13 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (96.71) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. EOG may retest the broken resistance line. It is considered to be a support line now. 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 medium-term trend.

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

During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. Use the following link to access a MACD help.

Short-term trend: [See EOG short-term trend chart]
A short-term uptrend had started on January 19, 2024 at 108.94 and reached 124.91 on March 15, 2024. EOG gained -15.97 points, or -14.66%, in 56 days. The price is now at the 13.27% retracement level.

Daily Technical Indicators: [See EOG daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought while Relative Strength Index is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic or strongly overbought daily Relative Strength Index. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. 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, Relative Strength Index and Williams' Percentage Range help.

The daily MACD line is above its signal line since January 25, 2024. This is an indication that the short-term trend is up.

During the last week, the 20 Day Moving Average 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 90.44
Strong Overbought
Williams' Percentage Range (W%R) 10.40
Overbought
Lane's Stochastic (%D-Slow) 89.42
Overbought
Greed/Fear Indicator (GFI) 89.81
Overbought
Moving Average Converg./Diverg. (MACD) 1.33
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.69
Williams' Percentage Range (W%R) 40.60
Lane's Stochastic (%D-Slow) 43.79
Greed/Fear Indicator (GFI) 51.29
Moving Average Converg./Diverg. (MACD) -2.13
Trading Signals
Description Value Chart
Yearly Trendline Resistance 130.92
Upper Bollinger Band 124.88
Daily Stochastic Crossing 123.76
Price 122.79
Yearly Trendline Support 122.33
Parabolic System 120.92
Weekly Stochastic Crossing 116.96
20 Day Moving Average 116.90
Monthly Trendline Resistance 115.77
50 Day Moving Average 114.84
Lower Bollinger Band 110.77
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Exploration & Production 57
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Low 108.94
Low Date 02/05/2024
High 124.91
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 108.94
Low Date 01/19/2024
High 124.91
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Broken Resistance
Resistance 115.77
Support 96.71
High 136.79
High Date 10/20/2023
Low 108.94
Low Date 01/19/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 150.88
High Date 11/04/2022
Low 98.52
Low Date 03/16/2023
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Test Support
Resistance 130.92
Support 122.33
Low 27.00
Low Date 03/18/2020
High 150.88
High Date 11/04/2022
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.