The Greedy Trader Weekly Analysis
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Daily W%R:> 90
Number of records: 10
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Williams' Percentage Range (W%R)

Williams' %R is an effective momentum indicator that measures overbought/oversold levels. Like other indicators, W%R ranges between 0% and 100% , but in opposite to the other indicators, the 0% indicating overbought and 100% - the oversold stocks. W%R measures the closing price in relation to the recent low/high range. A bullish signal is generated when the W%R has reached 100, five time bars have elapsed, and the W%R has subsequently fallen to 95. A reverse signal is considered as bearish. For the sake of simplicity, the W%R closed above 10% is considered bearish and below 90% - bullish. In trending markets, the W%R stays at one end of the scale and gives false signals to trade against the trend. That is why W%R is not considered a stand-along technique, and it is essential to use it with some sort of trend formation indicators. The divergence between price and W%R rarely occurs and presents an important buy/sell signal. As our research shows, the W%R move to upper or lower bounds can be used as an earliest signal of an impending reversal. Using the Williams %R bullish divergence/bearish divergence, chart patterns, trendlines, support, and resistance lines along with the W%R chart can be very useful.

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- 7/5/2024 -
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Align Technology Inc. (ALGN) Technical Analysis

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Summary:
Weekly :Broken trend support lineOversold industryRelative Strength Index oversoldWilliams' Percentage Range and Lane's Stochastic are strongly oversoldTrend resistance at 247.57
Daily :The price has risen above the Parabolic SAR
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It was a first positive week for the Align Technology Inc. (ALGN). During the week, the ALGN climbed 2.17 points, or 0.90%, and closed at 243.60 on Friday, July 5, 2024. It was the best weekly gain since April 26, 2024. Weekly volume was -50% below average.

ALGN is a member of Health Care Supplies Industry. Health Care Supplies is the third most oversold industry. 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 ALGN long-term trend chart]
A long-term downtrend had started on September 23, 2021 at 737.45 and reached 172.05 on November 3, 2022. ALGN lost 565.40 points, or 76.67%, in 58 weeks. The chart has formed a Descending Triangle chart pattern. The price is near the trend resistance line (247.57). The resistance is usually stronger when technical indicators are overbought. 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 resistance line in a long-term trend.

Medium-term trend: [See ALGN medium-term trend chart]
A medium-term uptrend had started on October 30, 2023 at 176.34 and reached 335.40 on March 21, 2024. ALGN gained -159.06 points, or -90.20%, in 20 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (383.82) is broken. A broken support is considered to be a long-term bearish signal. 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 ALGN weekly technical indicators chart]
Weekly Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Relative Strength Index or strongly oversold weekly Williams' Percentage Range and 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is below its signal line since May 3, 2024. Use the following link to access a MACD help.

Short-term trend: [See ALGN short-term trend chart]
A short-term downtrend had started on March 21, 2024 at 335.40 and reached 232.80 on June 26, 2024. ALGN lost 102.60 points, or 30.59%, in 97 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 224.05 and resistance is at 312.19. 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 short-term trend.

Daily Technical Indicators: [See ALGN daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since June 27, 2024. The distance between MACD and the signal line is low, but getting bigger.

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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 24.92
Williams' Percentage Range (W%R) 74.10
Lane's Stochastic (%D-Slow) 55.23
Greed/Fear Indicator (GFI) 35.35
Moving Average Converg./Diverg. (MACD) -7.57
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 12.64
Oversold
Williams' Percentage Range (W%R) 90.20
Strong Oversold
Lane's Stochastic (%D-Slow) 9.55
Strong Oversold
Greed/Fear Indicator (GFI) 17.50
Oversold
Moving Average Converg./Diverg. (MACD) -3.20
Trading Signals
Description Value Chart
Upper Bollinger Band 266.75
50 Day Moving Average 263.78
20 Day Moving Average 247.68
Yearly Trendline Resistance 247.57
Price 243.60
Daily Stochastic Crossing 241.34
Weekly Stochastic Crossing 237.85
Parabolic System 233.44
Lower Bollinger Band 228.44
Weekly Trendline Support 224.05
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Health Care Supplies 3
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 232.80
Low Date 06/26/2024
High 247.35
High Date 07/01/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 312.19
Support 224.05
High 335.40
High Date 03/21/2024
Low 232.80
Low Date 06/26/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 424.60
Support 383.82
Low 176.34
Low Date 10/30/2023
High 335.40
High Date 03/21/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 413.20
High Date 07/27/2023
Low 176.34
Low Date 10/30/2023
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Test Resistance
Resistance 247.57
Support 179.29
High 737.45
High Date 09/23/2021
Low 172.05
Low Date 11/03/2022
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.