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.

Archive
- 3/15/2024 -
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Cboe Globa (CBOE) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance lineBroken trend support line
Daily :Lane's Stochastic oversoldWilliams' Percentage Range is strongly oversoldPrice has crossed below the 50 Day Moving AverageBullish Piercing Line Candlestick
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It was the negative week for the Cboe Globa (CBOE). During the week, the CBOE dropped -3.57 points, or -1.92%, and closed at 182.80 on Friday, March 15, 2024. Weekly volume was 18% above average.

CBOE 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 CBOE long-term trend chart]
A long-term uptrend had started on May 19, 2022 at 103.82 and reached 199.00 on February 26, 2024. CBOE gained -95.18 points, or -91.68%, in 92 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (141.28) 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 CBOE medium-term trend chart]
A medium-term uptrend had started on June 7, 2023 at 130.92 and reached 199.00 on February 26, 2024. CBOE gained -68.08 points, or -52.00%, in 37 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (186.20) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. CBOE may retest the broken support line. It is considered to be a resistance 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 support in a medium-term trend.

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

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

Short-term trend: [See CBOE short-term trend chart]
A short-term downtrend had started on February 26, 2024 at 199.00 and reached 178.75 on March 15, 2024. CBOE lost 20.25 points, or 10.18%, in 18 days. The price is now at the 20.00% retracement level.

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

The daily MACD line is below its signal line since March 1, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.

During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and 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.

Candlestick pattern: [See CBOE candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 27.87
Williams' Percentage Range (W%R) 98.70
Strong Oversold
Lane's Stochastic (%D-Slow) 14.16
Oversold
Greed/Fear Indicator (GFI) 14.44
Oversold
Moving Average Converg./Diverg. (MACD) 0.26
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.62
Williams' Percentage Range (W%R) 51.90
Lane's Stochastic (%D-Slow) 67.22
Greed/Fear Indicator (GFI) 56.34
Moving Average Converg./Diverg. (MACD) 9.61
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 202.59
Upper Bollinger Band 196.46
Weekly Stochastic Crossing 191.89
20 Day Moving Average 188.96
Quarterly Trendline Support 186.20
50 Day Moving Average 185.35
Parabolic System 185.09
Price 182.80
Daily Stochastic Crossing 180.54
Lower Bollinger Band 176.12
Yearly Trendline Resistance 155.65
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Financial Exchanges & Data 32
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 199.00
High Date 02/26/2024
Low 178.75
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 199.00
High Date 02/26/2024
Low 178.75
Low Date 03/15/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 199.00
High Date 02/26/2024
Low 178.75
Low Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 202.59
Support 186.20
Low 130.92
Low Date 06/07/2023
High 199.00
High Date 02/26/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 155.65
Support 141.28
Low 103.82
Low Date 05/19/2022
High 199.00
High Date 02/26/2024
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.