The Greedy Trader Weekly Analysis
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Weekly Pattern:Rising Wedge
Number of records: 10
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How to Trade Rising Wedge Chart Pattern

Rising Wedge Chart PatternA Rising Wedge (or Ascending Wedge) pattern is one of the most reliable, low-risk, and high-reward chart pattern. A Rising Wedge pattern is a triangle formation with noticeable slant to the upside. The line that connects the bottoms of the formation represents a support trend line. The resistance trend line connects the formation's tops. The Rising Wedge pattern is valid when the price touched both the support and resistance lines alternatively at least tree times. Unlike the Rising Channel formation, where support and resistance lines are parallel, in a Rising Wedge formation the support line is noticeably steeper than the resistance line. A Rising Wedge represents the loss of the upside momentum and has a bearish bias.

General Motors (GM)

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Summary:
Weekly :Price is near the Fibonacci 38.2% retracement levelTrend support at 24.74
Daily :Daily  MACD line has moved below its signal lineThe price has fallen below the Parabolic SARPrice is near the Fibonacci 61.8% retracement levelThe price has declined below the moving average in the center of the Bollinger Bands
Move cursor over the icon to see details.

It was the negative week for the General Motors (GM). During the week, the GM dropped -1.36 points, or -5.18%, and closed at 24.89 on Friday, July 31, 2020. Weekly volume was 18% above average.

Long-term trend: [See GM long-term trend chart]
A long-term downtrend had started on August 1, 2019 at 41.90 and reached 14.33 on March 18, 2020. GM lost 27.57 points, or 65.80%, in 32 weeks. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Medium-term trend: [See GM medium-term trend chart]
A medium-term uptrend had started on March 18, 2020 at 14.33 and reached 31.66 on June 8, 2020. GM gained -17.33 points, or -120.94%, in 11 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend support (24.74) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

Weekly Technical Indicators: [See GM weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since May 15, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See GM short-term trend chart]
A short-term uptrend had started on July 9, 2020 at 23.33 and reached 27.33 on July 23, 2020. GM gained -4.00 points, or -17.15%, in 14 days. Price is near the Fibonacci 61.8% retracement level.

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

During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. 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) 50.22
Williams' Percentage Range (W%R) 55.20
Lane's Stochastic (%D-Slow) 27.32
Greed/Fear Indicator (GFI) 40.77
Moving Average Converg./Diverg. (MACD) 0.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.89
Williams' Percentage Range (W%R) 37.70
Lane's Stochastic (%D-Slow) 39.36
Greed/Fear Indicator (GFI) 51.81
Moving Average Converg./Diverg. (MACD) -1.91
Trading Signals
Description Value Chart
Monthly Trendline Resistance 27.69
Upper Bollinger Band 27.57
Parabolic System 27.19
Weekly Stochastic Crossing 26.54
50 Day Moving Average 26.50
20 Day Moving Average 25.69
Daily Stochastic Crossing 25.29
Price 24.89
Monthly Trendline Support 24.74
Lower Bollinger Band 24.08
Sector and Industry
Description Name Rank
Sector Consumer Discretionary 6
Industry Automobile Manufacturers 39
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 23.33
Low Date 07/09/2020
High 27.33
High Date 07/23/2020
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 31.66
High Date 06/08/2020
Low 23.33
Low Date 07/09/2020
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Support
Resistance 27.69
Support 24.74
Low 14.33
Low Date 03/18/2020
High 31.66
High Date 06/08/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 41.90
High Date 08/01/2019
Low 14.33
Low Date 03/18/2020
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 46.76
High Date 10/24/2017
Low 14.33
Low Date 03/18/2020
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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