The Greedy Trader Weekly Analysis
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Weekly Pattern:Rectangle
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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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- 3/15/2024 -
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iShares MSCI Japan Index (EWJ) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtLane's Stochastic is strongly overboughtBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaDaily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the iShares MSCI Japan Index (EWJ). During the week, the EWJ dropped -1.61 points, or -2.26%, and closed at 69.57 on Friday, March 15, 2024. Weekly volume was 73% above average.

Long-term trend: [See EWJ long-term trend chart]
A long-term downtrend had started on September 15, 2021 at 74.12 and reached 47.64 on October 13, 2022. EWJ lost 26.48 points, or 35.73%, in 56 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (60.73) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See EWJ medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 57.20 and reached 71.75 on March 8, 2024. EWJ gained -14.55 points, or -25.44%, in 19 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 68.86 and resistance is at 72.11. A Rising 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 Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See EWJ weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly 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 weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See EWJ short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 71.75 and reached 68.82 on March 14, 2024. EWJ lost 2.93 points, or 4.08%, in 6 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See EWJ daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.67
Williams' Percentage Range (W%R) 53.60
Lane's Stochastic (%D-Slow) 23.24
Greed/Fear Indicator (GFI) 41.10
Moving Average Converg./Diverg. (MACD) 0.98
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.51
Williams' Percentage Range (W%R) 15.90
Overbought
Lane's Stochastic (%D-Slow) 90.60
Strong Overbought
Greed/Fear Indicator (GFI) 78.86
Moving Average Converg./Diverg. (MACD) 1.69
Trading Signals
Description Value Chart
Monthly Trendline Resistance 72.11
Upper Bollinger Band 71.32
Parabolic System 71.14
Weekly Stochastic Crossing 71.07
Price 69.57
20 Day Moving Average 69.46
Daily Stochastic Crossing 69.44
Monthly Trendline Support 68.86
50 Day Moving Average 67.34
Lower Bollinger Band 67.10
Yearly Trendline Support 60.73
Yearly Trendline Resistance 59.80
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 68.82
Low Date 03/14/2024
High 69.64
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 71.75
High Date 03/08/2024
Low 68.82
Low Date 03/14/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 72.11
Support 68.86
Low 57.20
Low Date 10/26/2023
High 71.75
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 47.64
Low Date 10/13/2022
High 71.75
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 59.80
Support 60.73
High 74.12
High Date 09/15/2021
Low 47.64
Low Date 10/13/2022
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.