The Greedy Trader Weekly Analysis
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Weekly Pattern:Broadening Right-Angled, Descending Wedge
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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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iShares Silver Trust (SLV) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtBroken trend resistance line
Daily :Relative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergence
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It was a third consecutive positive week for the iShares Silver Trust (SLV). During the week, the SLV gained 0.80 points, or 3.60%, and closed at 23.03 on Friday, March 15, 2024. Weekly volume was 20% above average.

Long-term trend: [See SLV long-term trend chart]
A long-term uptrend had started on September 1, 2022 at 16.19 and reached 23.94 on May 4, 2023. SLV gained -7.75 points, or -47.87%, in 35 weeks. The price is now at the 11.74% retracement level.

Medium-term trend: [See SLV medium-term trend chart]
A medium-term downtrend had started on December 1, 2023 at 23.37 and reached 20.07 on January 22, 2024. SLV lost 3.30 points, or 14.12%, in 7 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (19.25) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. SLV may retest the broken resistance line. It is considered to be a support line now. 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 SLV weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought 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.

The weekly MACD line is above its signal line since March 1, 2024. Use the following link to access a MACD help.

Short-term trend: [See SLV short-term trend chart]
A short-term uptrend had started on January 22, 2024 at 20.07 and reached 23.27 on March 15, 2024. SLV gained -3.20 points, or -15.94%, in 53 days. The chart has formed a Rising Channel chart pattern.

Daily Technical Indicators: [See SLV daily technical indicators chart]
Daily Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.

The daily MACD line is above its signal line since February 14, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current short-term uptrend is still strong, and momentum is beginning to wane.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.57
Overbought
Williams' Percentage Range (W%R) 7.80
Strong Overbought
Lane's Stochastic (%D-Slow) 88.60
Overbought Bearish
Greed/Fear Indicator (GFI) 88.12
Overbought
Moving Average Converg./Diverg. (MACD) 0.32 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.11
Williams' Percentage Range (W%R) 9.70
Strong Overbought
Lane's Stochastic (%D-Slow) 53.89
Greed/Fear Indicator (GFI) 66.22
Moving Average Converg./Diverg. (MACD) -0.05
Trading Signals
Description Value Chart
Upper Bollinger Band 23.38
Daily Stochastic Crossing 23.09
Price 23.03
Weekly Stochastic Crossing 22.05
Parabolic System 22.00
20 Day Moving Average 21.60
50 Day Moving Average 21.12
Lower Bollinger Band 20.22
Weekly Trendline Resistance 19.39
Weekly Trendline Support 19.25
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 20.07
Low Date 01/22/2024
High 23.27
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 19.39
Support 19.25
High 23.37
High Date 12/01/2023
Low 20.07
Low Date 01/22/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 23.94
High Date 05/04/2023
Low 18.97
Low Date 10/04/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 16.19
Low Date 09/01/2022
High 23.94
High Date 05/04/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 27.98
High Date 02/01/2021
Low 16.19
Low Date 09/01/2022
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.