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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Gilead Sciences (GILD) Technical Analysis

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Summary:
Weekly :Broken trend resistance lineWilliams' Percentage Range and Lane's Stochastic are oversold
Daily :A Parabolic SAR indicator is above and near the priceThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Gilead Sciences (GILD). During the week, the GILD dropped -1.43 points, or -1.90%, and closed at 73.69 on Friday, March 15, 2024. Weekly volume was 43% above average.

Long-term trend: [See GILD long-term trend chart]
A long-term uptrend had started on December 30, 2020 at 56.56 and reached 89.74 on December 13, 2022. GILD gained -33.18 points, or -58.66%, in 101 weeks. The chart has formed a Broadening Right-Angled, Ascending Wedge chart pattern. The trend support level is at 57.90 and resistance is at 110.18. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Right-Angled, Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See GILD medium-term trend chart]
A medium-term downtrend had started on January 19, 2024 at 87.86 and reached 71.37 on February 16, 2024. GILD lost 16.49 points, or 18.77%, in 4 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (72.68) 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 medium-term trend.

Weekly Technical Indicators: [See GILD weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since February 2, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See GILD short-term trend chart]
A short-term uptrend had started on February 16, 2024 at 71.37 and reached 76.21 on March 11, 2024. GILD gained -4.84 points, or -6.78%, in 24 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 72.68 and resistance is at 76.93. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See GILD daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since February 23, 2024. This is an indication that the short-term trend is up.

A Parabolic SAR (stop and reversal) indicator (73.22) comes close to the price (73.69). 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 price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 54.40
Williams' Percentage Range (W%R) 40.50
Lane's Stochastic (%D-Slow) 67.64
Greed/Fear Indicator (GFI) 60.52
Moving Average Converg./Diverg. (MACD) -0.85
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.87
Williams' Percentage Range (W%R) 82.50
Oversold
Lane's Stochastic (%D-Slow) 10.70
Oversold
Greed/Fear Indicator (GFI) 24.18
Moving Average Converg./Diverg. (MACD) -0.21
Trading Signals
Description Value Chart
50 Day Moving Average 77.33
Weekly Trendline Resistance 76.93
Upper Bollinger Band 76.65
Daily Stochastic Crossing 74.91
Price 73.69
Weekly Stochastic Crossing 73.36
20 Day Moving Average 73.36
Parabolic System 73.22
Monthly Trendline Support 72.68
Weekly Trendline Support 72.68
Lower Bollinger Band 71.91
Monthly Trendline Resistance 65.73
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Biotechnology 15
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 71.92
Low Date 02/29/2024
High 76.21
High Date 03/11/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 76.93
Support 72.68
Low 71.37
Low Date 02/16/2024
High 76.21
High Date 03/11/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 65.73
Support 72.68
High 87.86
High Date 01/19/2024
Low 71.37
Low Date 02/16/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 89.74
High Date 12/13/2022
Low 71.37
Low Date 02/16/2024
Description Value
Direction Up
Chart Pattern Broadening Right-Angled, Ascending Wedge
Status Valid
Resistance 110.18
Support 57.90
Low 56.56
Low Date 12/30/2020
High 89.74
High Date 12/13/2022
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.