The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/15/2024 -
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Avago Technologies (AVGO) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtBroken trend resistance lineTrend support at 1242.19
Daily :Daily  MACD line has moved below its signal lineLane's Stochastic is oversoldPrice is close to the 50 Day Moving AverageThe price has declined below the moving average in the center of the Bollinger Bands
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It was the negative week for the Avago Technologies (AVGO). During the week, the AVGO dropped -73.22 points, or -5.59%, and closed at 1235.50 on Friday, March 15, 2024. Weekly volume was 73% above average.

AVGO is a member of Information Technology Sector. Information Technology is the second 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 AVGO long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 415.07 and reached 1438.17 on March 4, 2024. AVGO gained -1023.10 points, or -246.49%, in 72 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (977.46) 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 AVGO medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 818.34 and reached 1438.17 on March 4, 2024. AVGO gained -619.83 points, or -75.74%, in 18 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend support (1242.19) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

Weekly Technical Indicators: [See AVGO weekly technical indicators chart]
Weekly Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly 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 link to access Lane's Stochastic help.

The weekly MACD line is above its signal line since December 8, 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 AVGO short-term trend chart]
A short-term downtrend had started on March 4, 2024 at 1438.17 and reached 1230.07 on March 15, 2024. AVGO lost 208.10 points, or 14.47%, in 11 days. Price is near the trend low.

Daily Technical Indicators: [See AVGO daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.

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

During the last week, the price has declined below the moving average in the center of the Bollinger Bands. 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.

Price is close to the 50 Day Moving Average. While daily technical indicators are oversold, the 50 Day Moving Average is considered a support 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) 41.57
Williams' Percentage Range (W%R) 78.40
Lane's Stochastic (%D-Slow) 11.32
Oversold
Greed/Fear Indicator (GFI) 24.82
Moving Average Converg./Diverg. (MACD) 27.50
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.77
Williams' Percentage Range (W%R) 29.80
Lane's Stochastic (%D-Slow) 80.73
Overbought
Greed/Fear Indicator (GFI) 68.16
Moving Average Converg./Diverg. (MACD) 106.05
Trading Signals
Description Value Chart
Upper Bollinger Band 1396.42
Parabolic System 1381.67
Weekly Stochastic Crossing 1376.40
20 Day Moving Average 1302.33
Daily Stochastic Crossing 1246.07
Quarterly Trendline Support 1242.19
Price 1235.50
50 Day Moving Average 1233.10
Lower Bollinger Band 1182.16
Sector and Industry
Description Name Rank
Sector Information Technology 8
Industry Semiconductors 59
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 1414.31
High Date 03/07/2024
Low 1230.07
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 1438.17
High Date 03/04/2024
Low 1230.07
Low Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 1041.52
Low Date 01/05/2024
High 1438.17
High Date 03/04/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Support
Resistance 1631.66
Support 1242.19
Low 818.34
Low Date 10/26/2023
High 1438.17
High Date 03/04/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 933.75
Support 977.46
Low 415.07
Low Date 10/13/2022
High 1438.17
High Date 03/04/2024
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.