The Greedy Trader Weekly Analysis
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Weekly RSI:< 20
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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streetTRACKS Gold Shares (GLD) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range is overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Broken trend support lineWilliams' Percentage Range is overboughtStochastic signal line moved below overbought areaA Parabolic SAR indicator is above and near the priceThe period of high volatility of the stock price
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It was the negative week for the streetTRACKS Gold Shares (GLD). During the week, the GLD gave back -1.89 points, or -0.94%, and closed at 199.74 on Friday, March 15, 2024. It was the worst weekly loss since December 8, 2023. Weekly volume was -7% below average.

Long-term trend: [See GLD long-term trend chart]
A long-term uptrend had started on December 17, 2015 at 100.23 and reached 203.30 on March 8, 2024. GLD gained -103.07 points, or -102.83%, in 429 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 160.48 and resistance is at 250.25. 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See GLD medium-term trend chart]
A medium-term uptrend had started on October 5, 2023 at 168.30 and reached 203.30 on March 8, 2024. GLD gained -35.00 points, or -20.80%, in 22 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (186.89) 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 GLD weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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 weekly MACD line is above its signal line since March 1, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See GLD short-term trend chart]
A short-term uptrend had started on February 14, 2024 at 183.78 and reached 203.30 on March 8, 2024. GLD gained -19.52 points, or -10.62%, in 23 days. The chart has formed a Symmetric Triangle chart pattern. The uptrend support line (201.72) is broken. A broken support is considered to be a long-term bearish 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 support in a short-term trend.

Daily Technical Indicators: [See GLD daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since February 21, 2024. This is an indication that the short-term trend is up.

A Parabolic SAR (stop and reversal) indicator (199.37) comes close to the price (199.74). 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.

The distance between the Bollinger Bands is 124.17% higher then one year average. It indicates the period of high volatility of the stock price. 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) 79.96
Williams' Percentage Range (W%R) 18.20
Overbought
Lane's Stochastic (%D-Slow) 73.29
Greed/Fear Indicator (GFI) 78.35
Moving Average Converg./Diverg. (MACD) 2.88
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.41
Bearish
Williams' Percentage Range (W%R) 13.90
Overbought
Lane's Stochastic (%D-Slow) 61.53
Bearish
Greed/Fear Indicator (GFI) 69.18
Moving Average Converg./Diverg. (MACD) 2.63 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 207.19
Weekly Trendline Support 201.72
Daily Stochastic Crossing 201.47
Weekly Trendline Resistance 200.90
Price 199.74
Parabolic System 199.37
Weekly Stochastic Crossing 197.48
20 Day Moving Average 194.04
Monthly Trendline Resistance 190.83
50 Day Moving Average 190.24
Monthly Trendline Support 186.89
Lower Bollinger Band 183.66
Yearly Trendline Support 160.48
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 201.86
High Date 03/13/2024
Low 199.34
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Support
Resistance 200.90
Support 201.72
Low 183.78
Low Date 02/14/2024
High 203.30
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 190.83
Support 186.89
Low 168.30
Low Date 10/05/2023
High 203.30
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 150.57
Low Date 11/03/2022
High 203.30
High Date 03/08/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 250.25
Support 160.48
Low 100.23
Low Date 12/17/2015
High 203.30
High Date 03/08/2024
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.