The Greedy Trader Weekly Analysis
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- 6/24/2022 -
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Dow Jones (^DJI)

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Summary:
Weekly :Williams' Percentage Range is oversold
Daily :Stochastic has raised above the signal lineThe price has risen above the Parabolic SARThe price moved above the moving average in the center of the Bollinger BandsThe period of high volatility of the stock price
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It was a first positive week after 3 consecutive negative weeks for the Dow Jones (^DJI). During the week, the ^DJI gained 1611.90 points, or 5.39%, and closed at 31500.68 on Friday, June 24, 2022. Weekly volume was 9% above average.

Long-term trend: [See ^DJI long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 6440.08 and reached 36952.65 on January 5, 2022. ^DJI gained -30512.57 points, or -473.79%, in 669 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 24860.11 and resistance is at 37296.55. 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 long-term trend.

Medium-term trend: [See ^DJI medium-term trend chart]
A medium-term downtrend had started on April 21, 2022 at 35492.22 and reached 29653.29 on June 17, 2022. ^DJI lost 5838.93 points, or 16.45%, in 8 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 29446.45 and resistance is at 32003.84. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See ^DJI weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 below its signal line since June 4, 2021. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term downtrend is strong. Use the following link to access a MACD help.

Short-term trend: [See ^DJI short-term trend chart]
A short-term downtrend had started on June 1, 2022 at 33272.34 and reached 29653.29 on June 17, 2022. ^DJI lost 3619.05 points, or 10.88%, in 16 days. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern.

Daily Technical Indicators: [See ^DJI daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Use the following link to access Lane's Stochastic help.

The daily MACD line is below its signal line since June 9, 2022. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. 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.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is 157.68% higher then one year average. It indicates the period of high volatility of the stock price. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 38.11
Williams' Percentage Range (W%R) 67.00
Lane's Stochastic (%D-Slow) 39.71
Greed/Fear Indicator (GFI) 36.94
Moving Average Converg./Diverg. (MACD) -548.40
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.64
Williams' Percentage Range (W%R) 80.70
Oversold
Lane's Stochastic (%D-Slow) 27.48
Greed/Fear Indicator (GFI) 29.40
Moving Average Converg./Diverg. (MACD) -544.92
Trading Signals
Description Value Chart
Yearly Trendline Resistance 37296.55
Upper Bollinger Band 33875.67
50 Day Moving Average 32514.97
Weekly Trendline Resistance 32003.84
20 Day Moving Average 31751.56
Price 31500.68
Weekly Stochastic Crossing 30961.15
Daily Stochastic Crossing 30547.67
Parabolic System 29623.64
Weekly Trendline Support 29446.45
Lower Bollinger Band 28975.29
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern Broadening Right-Angled, Descending Wedge
High 33272.34
High Date 06/01/2022
Low 29653.29
Low Date 06/17/2022
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Valid
Resistance 32003.84
Support 29446.45
High 35492.22
High Date 04/21/2022
Low 29653.29
Low Date 06/17/2022
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 36952.65
High Date 01/05/2022
Low 29653.29
Low Date 06/17/2022
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 15370.33
Low Date 08/24/2015
High 36952.65
High Date 01/05/2022
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 37296.55
Support 24860.11
Low 6440.08
Low Date 03/09/2009
High 36952.65
High Date 01/05/2022
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.

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