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Archive - 3/15/2024 - Sign In to see current Signals. |
Raymond James Financial (RJF) Technical Analysis
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| Summary:
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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.
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