The Greedy Trader Weekly Analysis
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Downtrend exhaustion - Stock Market Timing Signals and trading strategies.
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Bank of America Corp.
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Summary:
Weekly :Broken trend resistance line
Daily :Williams' Percentage Range is overboughtLane's Stochastic is strongly overboughtPrice is close to the 50 Day Moving Average
Move cursor over the icon to see details.

It was a third positive week after 3 consecutive negative weeks for the Bank of America Corp. (BAC). During the week, the BAC gained 0.45 points, or 1.76%, and closed at 26.03 on Friday, January 11, 2019. BAC was trading at average weekly trading volume.

Long-term trend: [See BAC long-term trend chart]
A long-term uptrend had started on February 20, 2009 at 2.53 and reached 33.05 on March 12, 2018. BAC gained -30.52 points, or -1206.32%, in 472 weeks. The chart has formed a Rising Pennant chart pattern. The uptrend resistance line (14.30) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 BAC medium-term trend chart]
A medium-term downtrend had started on August 8, 2018 at 31.91 and reached 22.66 on December 24, 2018. BAC lost 9.25 points, or 28.99%, in 19 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 21.68 and resistance is at 27.30. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

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

The weekly MACD line is below its signal line since September 21, 2018. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See BAC short-term trend chart]
A short-term uptrend had started on December 24, 2018 at 22.66 and reached 26.04 on January 11, 2019. BAC gained -3.38 points, or -14.92%, in 18 days. Price is near the trend high.

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

The daily MACD line is above its signal line since December 27, 2018. This is an indication that the short-term trend is up.

Price is close to the 50 Day Moving Average. While daily technical indicators are overbought, the 50 Day Moving Average is considered a resistance level. 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) 66.90
Williams' Percentage Range (W%R) 15.10
Overbought
Lane's Stochastic (%D-Slow) 94.65
Strong Overbought
Greed/Fear Indicator (GFI) 82.15
Overbought
Moving Average Converg./Diverg. (MACD) -0.41
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 37.38
Williams' Percentage Range (W%R) 67.50
Lane's Stochastic (%D-Slow) 20.81
Greed/Fear Indicator (GFI) 33.06
Moving Average Converg./Diverg. (MACD) -0.89
Trading Signals
Description Value Chart
Weekly Trendline Resistance 27.30
Upper Bollinger Band 26.91
50 Day Moving Average 26.29
Price 26.03
Daily Stochastic Crossing 25.94
Parabolic System 25.14
20 Day Moving Average 24.67
Weekly Stochastic Crossing 24.22
Lower Bollinger Band 23.65
Weekly Trendline Support 21.68
Sector and Industry
Description Name Rank
Sector Financial 3
Industry Money Center Banks 58
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 22.66
Low Date 12/24/2018
High 26.04
High Date 01/11/2019
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 27.30
Support 21.68
High 31.91
High Date 08/08/2018
Low 22.66
Low Date 12/24/2018
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 33.05
High Date 03/12/2018
Low 22.66
Low Date 12/24/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 10.99
Low Date 02/11/2016
High 33.05
High Date 03/12/2018
Description Value
Direction Up
Chart Pattern Rising Pennant
Status Broken Resistance
Resistance 17.57
Support 14.30
Low 2.53
Low Date 02/20/2009
High 33.05
High Date 03/12/2018
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.

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