The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Descending Wedge
Number of records: 4
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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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LABORATORY CP (LH) Technical Analysis

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Summary:
Weekly :Weekly  MACD line has moved below its signal lineOversold industryBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineThe price is below the lower Bollinger BandWilliams' Percentage Range is oversoldBullish Meeting Lines CandlestickPrice is near the Fibonacci 23.6% retracement level
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It was the negative week for the LABORATORY CP (LH). During the week, the LH dropped -8.29 points, or -3.81%, and closed at 209.21 on Friday, March 15, 2024. Weekly volume was 14% above average.

LH is a member of Health Care Services Industry. Health Care Services is the tenth most oversold industry. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See LH long-term trend chart]
A long-term downtrend had started on December 31, 2021 at 317.17 and reached 195.01 on October 30, 2023. LH lost 122.16 points, or 38.52%, in 95 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (193.10) 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 long-term trend.

Medium-term trend: [See LH medium-term trend chart]
A medium-term downtrend had started on January 2, 2024 at 234.09 and reached 206.37 on March 15, 2024. LH lost 27.72 points, or 11.84%, in 10 weeks. The price is now at the 10.25% retracement level.

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

During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.

Short-term trend: [See LH short-term trend chart]
A short-term downtrend had started on March 8, 2024 at 219.71 and reached 206.37 on March 15, 2024. LH lost 13.34 points, or 6.07%, in 7 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See LH daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold 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 link to access Williams' Percentage Range help.

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

The price has closed on Friday below the lower Bollinger Band. It is considered a bearish 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.

Candlestick pattern: [See LH candlestick chart pattern]
On Friday the chart has formed a Bullish Meeting Lines Candlestick pattern. This pattern appears during a decline, and it is a sign that a potential bullish reversal is in play. The reliability of the Bullish Meeting Lines Candlestick pattern is medium. Use the Technical Stock Screener to see the list of stocks that had a Bullish Meeting Lines Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 35.89
Williams' Percentage Range (W%R) 100.00
Strong Oversold
Lane's Stochastic (%D-Slow) 34.40
Greed/Fear Indicator (GFI) 23.43
Moving Average Converg./Diverg. (MACD) -1.69
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 41.04
Williams' Percentage Range (W%R) 70.90
Lane's Stochastic (%D-Slow) 27.86
Greed/Fear Indicator (GFI) 34.26
Moving Average Converg./Diverg. (MACD) 1.37
Trading Signals
Description Value Chart
Upper Bollinger Band 222.15
50 Day Moving Average 221.22
Parabolic System 217.90
20 Day Moving Average 216.26
Lower Bollinger Band 211.39
Weekly Stochastic Crossing 211.26
Daily Stochastic Crossing 209.75
Price 209.21
Yearly Trendline Resistance 196.03
Yearly Trendline Support 193.10
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Services 10
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 219.71
High Date 03/08/2024
Low 206.37
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 221.14
High Date 03/05/2024
Low 206.37
Low Date 03/15/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 234.09
High Date 01/02/2024
Low 206.37
Low Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 195.01
Low Date 10/30/2023
High 234.09
High Date 01/02/2024
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 196.03
Support 193.10
High 317.17
High Date 12/31/2021
Low 195.01
Low Date 10/30/2023
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.