The Greedy Trader Weekly Analysis
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Quarterly Pattern:Ascending Triangle
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Chart Analysis and Chart Pattern Recognition – Ascending Triangle Pattern

The ascending triangle pattern is a variation of symmetrical triangle formation that has a flat resistance line and a rising support line. The higher lows indicate the increasing demand and give the ascending triangle definitive bullish bias. The ascending triangle usually represents an accumulation stage in bullish market. The ascending triangle is considered as a continuation pattern, especially in an uptrend, but it may also mark a reversal in a downtrend. Volume usually increases on a breakout move. After breakout (similar to rectangle), resistance may turn into potential support and vice versa.
Ascending Triangle Screening page presents a list of stocks forming an Ascending Triangle Pattern.
Tips:
# 1As a continuation pattern, an ascending triangle usually appears within a young trend, characterized by neutral long-term indicators and overbought short-term indicators. An ascending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, an ascending triangle appears in a mature downtrend, characterized by oversold short-term and long-term indicators. This situation usually generates bullish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.

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- 3/15/2024 -
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Atmos Energy Corp (ATO) Technical Analysis

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Summary:
Weekly :Oversold sectorTrend support at 113.83
Daily :Stochastic signal line moved below overbought areaThe price has fallen below the Parabolic SAR20 Day Moving Average has crossed above 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 Atmos Energy Corp (ATO). During the week, the ATO dropped -1.27 points, or -1.10%, and closed at 114.55 on Friday, March 15, 2024. It was the worst weekly loss since January 19, 2024. Weekly volume was 37% above average.

ATO is a member of Utilities Sector. Utilities is the most oversold 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 ATO long-term trend chart]
A long-term uptrend had started on September 28, 2021 at 85.80 and reached 125.28 on July 26, 2023. ATO gained -39.48 points, or -46.01%, in 95 weeks. The chart has formed a Rising Wedge chart pattern. The price is near the trend support (113.83) 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 long-term trend.

Medium-term trend: [See ATO medium-term trend chart]
A medium-term downtrend had started on July 26, 2023 at 125.28 and reached 101.00 on October 3, 2023. ATO lost 24.28 points, or 19.38%, in 9 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 112.75 and resistance is at 116.30. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a medium-term trend.

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

The weekly MACD line is above its signal line since March 1, 2024. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See ATO short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 110.46 and reached 117.24 on March 13, 2024. ATO gained -6.78 points, or -6.14%, in 29 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 112.26 and resistance is at 117.29. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See ATO daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish 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 link to access Lane's Stochastic help.

The daily MACD line is above its signal line since March 1, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

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

During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. 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) 66.70
Williams' Percentage Range (W%R) 52.10
Lane's Stochastic (%D-Slow) 69.19
Greed/Fear Indicator (GFI) 61.27
Moving Average Converg./Diverg. (MACD) 0.41
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 53.17
Williams' Percentage Range (W%R) 36.50
Lane's Stochastic (%D-Slow) 43.34
Greed/Fear Indicator (GFI) 52.37
Moving Average Converg./Diverg. (MACD) -0.05
Trading Signals
Description Value Chart
Yearly Trendline Resistance 126.46
Upper Bollinger Band 117.54
Parabolic System 117.36
Weekly Trendline Resistance 117.29
Quarterly Trendline Resistance 116.30
Daily Stochastic Crossing 115.95
Price 114.55
20 Day Moving Average 114.32
50 Day Moving Average 114.24
Yearly Trendline Support 113.83
Weekly Stochastic Crossing 113.59
Quarterly Trendline Support 112.75
Weekly Trendline Support 112.26
Lower Bollinger Band 111.71
Sector and Industry
Description Name Rank
Sector Utilities 1
Industry Gas Utilities 56
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 111.02
Low Date 02/26/2024
High 117.24
High Date 03/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 117.29
Support 112.26
Low 110.46
Low Date 02/13/2024
High 117.24
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 101.00
Low Date 10/03/2023
High 118.92
High Date 01/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Valid
Resistance 116.30
Support 112.75
High 125.28
High Date 07/26/2023
Low 101.00
Low Date 10/03/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Test Support
Resistance 126.46
Support 113.83
Low 85.80
Low Date 09/28/2021
High 125.28
High Date 07/26/2023
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.