The Greedy Trader Weekly Analysis
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Weekly Pattern:Descending Triangle
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern

The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.

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- 3/15/2024 -
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iShares Dow Jones US Oil & Gas Ex Index (IEO) Technical Analysis

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Summary:
Weekly :Broken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overbought
Daily :Broken uptrend resistance line - uptrend exhaustionRelative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtThe price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageThe price is above the upper Bollinger Band
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It was a sixth consecutive positive week for the iShares Dow Jones US Oil & Gas Ex Index (IEO). During the week, the IEO gained 4.59 points, or 4.68%, and closed at 102.59 on Friday, March 15, 2024. It was the best weekly gain since October 13, 2023. Weekly volume was -8% below average.

Long-term trend: [See IEO long-term trend chart]
A long-term uptrend had started on March 16, 2023 at 77.25 and reached 103.25 on March 15, 2024. IEO gained -26.00 points, or -33.66%, in 52 weeks. Price is near the trend high.

Medium-term trend: [See IEO medium-term trend chart]
A medium-term uptrend had started on January 18, 2024 at 86.84 and reached 103.25 on March 15, 2024. IEO gained -16.41 points, or -18.90%, in 8 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (97.63) 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 IEO weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. 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 February 23, 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 IEO short-term trend chart]
A short-term uptrend had started on February 5, 2024 at 89.69 and reached 103.25 on March 15, 2024. IEO gained -13.56 points, or -15.12%, in 39 days. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (98.32) 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 short-term trend.

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

The daily MACD line is above its signal line since January 24, 2024. This is an indication that the short-term trend is up.

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.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.82
Overbought
Williams' Percentage Range (W%R) 11.90
Overbought
Lane's Stochastic (%D-Slow) 92.79
Strong Overbought
Greed/Fear Indicator (GFI) 88.22
Overbought
Moving Average Converg./Diverg. (MACD) 1.63
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.61
Williams' Percentage Range (W%R) 7.60
Strong Overbought
Lane's Stochastic (%D-Slow) 83.28
Overbought
Greed/Fear Indicator (GFI) 77.82
Moving Average Converg./Diverg. (MACD) 0.26
Trading Signals
Description Value Chart
Daily Stochastic Crossing 102.64
Price 102.59
Upper Bollinger Band 102.38
Weekly Stochastic Crossing 101.58
Parabolic System 99.95
Weekly Trendline Resistance 98.87
Weekly Trendline Support 98.32
Monthly Trendline Support 97.63
20 Day Moving Average 97.01
Monthly Trendline Resistance 96.04
50 Day Moving Average 93.54
Lower Bollinger Band 92.33
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 94.38
Low Date 02/28/2024
High 103.25
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 98.87
Support 98.32
Low 89.69
Low Date 02/05/2024
High 103.25
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 96.04
Support 97.63
Low 86.84
Low Date 01/18/2024
High 103.25
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 77.25
Low Date 03/16/2023
High 103.25
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 17.63
Low Date 03/18/2020
High 106.36
High Date 11/14/2022
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.