The Greedy Trader Weekly Analysis
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Yearly Pattern:Rising Pennant
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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
Tips:
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

streetTRACKS Gold Shares (GLD)

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are strongly overbought
Daily :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtThe period of high volatility of the stock price
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It was a eighth positive week after 3 consecutive negative weeks for the streetTRACKS Gold Shares (GLD). During the week, the GLD gained 6.73 points, or 3.77%, and closed at 185.43 on Friday, July 31, 2020. Weekly volume was 46% above 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 186.14 on July 29, 2020. GLD gained -85.91 points, or -85.71%, in 240 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (119.38) 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 long-term trend.

Medium-term trend: [See GLD medium-term trend chart]
A medium-term uptrend had started on December 15, 2016 at 107.00 and reached 186.14 on July 29, 2020. GLD gained -79.14 points, or -73.96%, in 188 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (123.72) 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 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 April 3, 2020. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 June 5, 2020 at 157.04 and reached 186.14 on July 29, 2020. GLD gained -29.10 points, or -18.53%, in 54 days. The chart has formed a Rising Channel chart pattern.

Daily Technical Indicators: [See GLD daily technical indicators chart]
Daily Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index or strongly overbought daily Williams' Percentage Range and Lane's Stochastic. Use the following link to access Relative Strength Index help.

The daily MACD line is above its signal line since June 18, 2020. This is an indication that the short-term trend is up.

The distance between the Bollinger Bands is 116.06% 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) 86.45
Overbought
Williams' Percentage Range (W%R) 8.60
Strong Overbought
Lane's Stochastic (%D-Slow) 93.25
Strong Overbought
Greed/Fear Indicator (GFI) 90.37
Strong Overbought
Moving Average Converg./Diverg. (MACD) 3.79
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 78.24
Williams' Percentage Range (W%R) 3.30
Strong Overbought
Lane's Stochastic (%D-Slow) 94.74
Strong Overbought
Greed/Fear Indicator (GFI) 86.68
Overbought
Moving Average Converg./Diverg. (MACD) 5.84
Trading Signals
Description Value Chart
Upper Bollinger Band 188.10
Price 185.43
Daily Stochastic Crossing 185.23
Weekly Stochastic Crossing 184.74
Parabolic System 179.62
20 Day Moving Average 174.52
Monthly Trendline Resistance 171.67
50 Day Moving Average 167.76
Lower Bollinger Band 163.40
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 157.04
Low Date 06/05/2020
High 186.14
High Date 07/29/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 136.12
Low Date 03/16/2020
High 186.14
High Date 07/29/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 171.67
Support 141.40
Low 111.06
Low Date 08/15/2018
High 186.14
High Date 07/29/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 125.90
Support 123.72
Low 107.00
Low Date 12/15/2016
High 186.14
High Date 07/29/2020
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 126.86
Support 119.38
Low 100.23
Low Date 12/17/2015
High 186.14
High Date 07/29/2020
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.

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