The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Ascending Wedge
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Chart Analysis and Chart Pattern Recognition – Broadening Formations

Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.

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- 3/15/2024 -
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iShares MSCI France Index (EWQ) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are strongly overboughtBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are strongly overboughtLane's Stochastic bearish divergenceA Parabolic SAR indicator is above and near the priceBullish Doji Candlestick
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It was a second consecutive positive week for the iShares MSCI France Index (EWQ). During the week, the EWQ gained 0.67 points, or 1.64%, and closed at 41.57 on Friday, March 15, 2024. Weekly volume was -29% below average.

Long-term trend: [See EWQ long-term trend chart]
A long-term downtrend had started on November 9, 2021 at 40.65 and reached 26.26 on September 27, 2022. EWQ lost 14.39 points, or 35.40%, in 46 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (36.24) 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. EWQ 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 EWQ medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 33.66 and reached 41.76 on March 14, 2024. EWQ gained -8.10 points, or -24.06%, in 19 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (39.44) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 EWQ weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and 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. Use the following link to access a MACD help.

Short-term trend: [See EWQ short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 38.01 and reached 41.76 on March 14, 2024. EWQ gained -3.75 points, or -9.87%, in 30 days. The price is now at the 5.07% retracement level.

Daily Technical Indicators: [See EWQ daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

The daily MACD line is above its signal line since February 14, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.

A Parabolic SAR (stop and reversal) indicator (41.24) comes close to the price (41.57). 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.

Candlestick pattern: [See EWQ candlestick chart pattern]
On Friday the chart has formed a Bullish Doji Candlestick pattern. Use the Technical Stock Screener to see the list of stocks that had a Bullish Doji Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.81
Williams' Percentage Range (W%R) 7.00
Strong Overbought
Lane's Stochastic (%D-Slow) 90.78
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 86.21
Overbought
Moving Average Converg./Diverg. (MACD) 0.58
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.91
Williams' Percentage Range (W%R) 2.30
Strong Overbought
Lane's Stochastic (%D-Slow) 90.08
Strong Overbought
Greed/Fear Indicator (GFI) 81.92
Overbought
Moving Average Converg./Diverg. (MACD) 0.60
Trading Signals
Description Value Chart
Upper Bollinger Band 41.85
Daily Stochastic Crossing 41.65
Weekly Stochastic Crossing 41.59
Price 41.57
Parabolic System 41.24
20 Day Moving Average 40.51
Yearly Trendline Resistance 39.52
Monthly Trendline Support 39.44
50 Day Moving Average 39.26
Lower Bollinger Band 39.17
Monthly Trendline Resistance 39.08
Yearly Trendline Support 36.24
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 38.01
Low Date 02/13/2024
High 41.76
High Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 37.10
Low Date 01/17/2024
High 41.76
High Date 03/14/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 39.08
Support 39.44
Low 33.66
Low Date 10/27/2023
High 41.76
High Date 03/14/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 26.26
Low Date 09/27/2022
High 41.76
High Date 03/14/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 39.52
Support 36.24
High 40.65
High Date 11/09/2021
Low 26.26
Low Date 09/27/2022
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.