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- 3/15/2024 -
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Raymond James Financial (RJF) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought
Daily :A Parabolic SAR indicator is below and near the pricePrice is near the Fibonacci 61.8% retracement levelThe Bollinger Bands are historically close together
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It was a sixth consecutive positive week for the Raymond James Financial (RJF). During the week, the RJF climbed 0.56 points, or 0.47%, and closed at 120.76 on Friday, March 15, 2024. Weekly volume was -18% below average.

RJF is a member of Financials Sector. Financials is the most overbought sector. 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 RJF long-term trend chart]
A long-term uptrend had started on October 25, 2023 at 91.67 and reached 122.40 on March 7, 2024. RJF gained -30.73 points, or -33.52%, in 19 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 116.63 and resistance is at 122.84. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a long-term trend.

Medium-term trend: [See RJF medium-term trend chart]
A medium-term uptrend had started on January 16, 2024 at 106.75 and reached 122.40 on March 7, 2024. RJF gained -15.65 points, or -14.66%, in 7 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 112.00 and resistance is at 123.60. 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 medium-term trend.

Weekly Technical Indicators: [See RJF weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index, 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See RJF short-term trend chart]
A short-term downtrend had started on March 7, 2024 at 122.40 and reached 118.20 on March 11, 2024. RJF lost 4.20 points, or 3.43%, in 4 days. Price is near the Fibonacci 61.8% retracement level. The Fibonacci retracement level is considered a support/resistance level.

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

The daily MACD line is below its signal line since March 7, 2024. This is an indication that the short-term trend is down.

A Parabolic SAR (stop and reversal) indicator (121.96) comes close to the price (120.76). 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 (4.44%) is close to one year low (4.40%). It is 60.73% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 62.91
Williams' Percentage Range (W%R) 52.40
Lane's Stochastic (%D-Slow) 35.81
Greed/Fear Indicator (GFI) 48.78
Moving Average Converg./Diverg. (MACD) 1.73
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 81.84
Overbought
Williams' Percentage Range (W%R) 11.50
Overbought
Lane's Stochastic (%D-Slow) 88.63
Overbought
Greed/Fear Indicator (GFI) 78.32
Moving Average Converg./Diverg. (MACD) 3.28
Trading Signals
Description Value Chart
Monthly Trendline Resistance 123.60
Quarterly Trendline Resistance 122.84
Parabolic System 121.96
Upper Bollinger Band 121.63
Weekly Stochastic Crossing 120.81
Price 120.76
Daily Stochastic Crossing 119.93
20 Day Moving Average 119.56
Quarterly Trendline Support 116.63
Lower Bollinger Band 116.26
50 Day Moving Average 115.22
Monthly Trendline Support 112.00
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Investment Banking & Brokerage 71
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 118.20
Low Date 03/11/2024
High 121.37
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 122.40
High Date 03/07/2024
Low 118.20
Low Date 03/11/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 123.60
Support 112.00
Low 106.75
Low Date 01/16/2024
High 122.40
High Date 03/07/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 122.84
Support 116.63
Low 91.67
Low Date 10/25/2023
High 122.40
High Date 03/07/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 143.14
High Date 08/30/2021
Low 82.00
Low Date 05/04/2023
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.