The Greedy Trader Weekly Analysis
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S&P 500 Oversold Stocks

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- 3/28/2024 -
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Allstate Corp. (ALL) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionRelative Strength Index is overboughtWilliams' Percentage Range is strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergence
Daily :Relative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overbought
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It was a fourth consecutive positive week for the Allstate Corp. (ALL). During the week, the ALL gained 7.76 points, or 4.70%, and closed at 173.01 on Thursday, March 28, 2024. It was the best weekly gain since January 5, 2024. Weekly volume was 11% above average.

ALL 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 ALL long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 13.77 and reached 173.47 on March 28, 2024. ALL gained -159.70 points, or -1159.77%, in 785 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend resistance line (105.25) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 ALL medium-term trend chart]
A medium-term uptrend had started on July 17, 2023 at 100.57 and reached 173.47 on March 28, 2024. ALL gained -72.90 points, or -72.49%, in 36 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ALL weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 above its signal line since July 21, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See ALL short-term trend chart]
A short-term uptrend had started on March 4, 2024 at 153.87 and reached 173.47 on March 28, 2024. ALL gained -19.60 points, or -12.74%, in 24 days. Price is near the trend high.

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

The daily MACD line is above its signal line since March 14, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 83.82
Overbought
Williams' Percentage Range (W%R) 7.30
Strong Overbought
Lane's Stochastic (%D-Slow) 93.78
Strong Overbought
Greed/Fear Indicator (GFI) 90.08
Strong Overbought
Moving Average Converg./Diverg. (MACD) 2.17
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 85.00
Overbought Bearish
Williams' Percentage Range (W%R) 3.20
Strong Overbought
Lane's Stochastic (%D-Slow) 69.94
Bearish
Greed/Fear Indicator (GFI) 78.53
Moving Average Converg./Diverg. (MACD) 10.02 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 173.88
Price 173.01
Daily Stochastic Crossing 172.54
Weekly Stochastic Crossing 167.20
Parabolic System 166.35
Yearly Trendline Resistance 162.70
20 Day Moving Average 161.83
50 Day Moving Average 159.71
Lower Bollinger Band 153.36
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Property & Casualty Insurance 119
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 159.71
Low Date 03/21/2024
High 173.47
High Date 03/28/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 153.87
Low Date 03/04/2024
High 173.47
High Date 03/28/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 104.29
Low Date 08/21/2023
High 173.47
High Date 03/28/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 100.57
Low Date 07/17/2023
High 173.47
High Date 03/28/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Broken Resistance
Resistance 162.70
Support 105.25
Low 13.77
Low Date 03/09/2009
High 173.47
High Date 03/28/2024
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.