The Greedy Trader Weekly Analysis
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Quarterly 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 Switzerland Index (EWL) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtBroken trend resistance line
Daily :Lane's Stochastic is overboughtA Parabolic SAR indicator is above and near the price20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a second consecutive positive week for the iShares MSCI Switzerland Index (EWL). During the week, the EWL climbed 0.04 points, or 0.08%, and closed at 48.26 on Friday, March 15, 2024. Weekly volume was 34% above average.

Long-term trend: [See EWL long-term trend chart]
A long-term downtrend had started on December 28, 2021 at 53.06 and reached 36.02 on October 13, 2022. EWL lost 17.04 points, or 32.11%, in 41 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (43.56) 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. EWL 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 long-term trend.

Medium-term trend: [See EWL medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 41.55 and reached 48.86 on March 13, 2024. EWL gained -7.31 points, or -17.59%, in 19 weeks. The price is now at the 8.21% retracement level.

Weekly Technical Indicators: [See EWL weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. 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 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. Use the following link to access a MACD help.

Short-term trend: [See EWL short-term trend chart]
A short-term uptrend had started on March 1, 2024 at 46.65 and reached 48.86 on March 13, 2024. EWL gained -2.21 points, or -4.74%, in 12 days. The chart has formed a Broadening Ascending Wedge chart pattern.

Daily Technical Indicators: [See EWL 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. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since March 5, 2024. This is an indication that the short-term trend is up.

A Parabolic SAR (stop and reversal) indicator (48.08) comes close to the price (48.26). It indicates that the trend is getting weaker. 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.

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) 67.59
Williams' Percentage Range (W%R) 22.50
Lane's Stochastic (%D-Slow) 88.27
Overbought
Greed/Fear Indicator (GFI) 77.80
Moving Average Converg./Diverg. (MACD) 0.25
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.60
Williams' Percentage Range (W%R) 7.00
Strong Overbought
Lane's Stochastic (%D-Slow) 59.09
Greed/Fear Indicator (GFI) 68.53
Moving Average Converg./Diverg. (MACD) 0.52
Trading Signals
Description Value Chart
Upper Bollinger Band 49.02
Daily Stochastic Crossing 48.62
Price 48.26
Parabolic System 48.08
Weekly Stochastic Crossing 47.76
20 Day Moving Average 47.54
50 Day Moving Average 47.35
Lower Bollinger Band 46.38
Yearly Trendline Resistance 46.28
Yearly Trendline Support 43.56
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Low 46.65
Low Date 03/01/2024
High 48.86
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 45.53
Low Date 02/13/2024
High 48.86
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 41.55
Low Date 10/27/2023
High 48.86
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 36.02
Low Date 10/13/2022
High 48.94
High Date 05/03/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 46.28
Support 43.56
High 53.06
High Date 12/28/2021
Low 36.02
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.