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| Chart Analysis and Chart Pattern Recognition – Falling Wedge Pattern. |
A falling wedge pattern
is a triangle formation with noticeable slant to the downside. It represents the
loss of the downside momentum on each successive low and has a bullish bias.
The falling wedges pattern usually marks a reversal in a downtrend. In an uptrend, the falling wedge pattern is considered as a continuation pattern. As with other triangle formations, volume
usually diminishes as price rise and then increases during the breakout.
Falling Wedge Screening page presents a list of stocks forming Falling Wedge Pattern.
Tips:
# 1 To confirm the loss of the downside momentum at the reversal point, see bullish
divergence on technical indicators.
# 2 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques. |
Falling Wedge Pattern,Falling Wedge,Falling Wedge Chart Pattern,Charting technique, chart pattern, chart, pattern, technical analysis, signals, chart analysis, pattern recognition, screening, technical trading |
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Best Buy Co., Inc. (BBY) |
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| Summary:
| | Weekly :  | | Daily :
Move cursor over the icon to see details.
| | It was the negative week for the Best Buy Co., Inc. (BBY). During the week, the BBY dropped -1.88 points, or -2.39%, and closed at 76.73 on Friday, March 17, 2023. Weekly volume was 46% above average.
BBY is a member of Consumer Discretionary Sector. Consumer Discretionary is the second 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 BBY long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 60.79 and reached 93.32 on February 2, 2023. BBY gained -32.53 points, or -53.51%, in 16 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (100.28) 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. BBY 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 long-term trend.
 Medium-term trend: [See BBY medium-term trend chart]
A medium-term downtrend had started on February 2, 2023 at 93.32 and reached 73.21 on March 15, 2023. BBY lost 20.11 points, or 21.55%, in 5 weeks. The chart has formed a Falling Channel chart pattern. The trend support level is at 73.14 and resistance is at 80.26. A Falling 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 Falling Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See BBY weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. Use the following link to access a MACD help.
 Short-term trend: [See BBY short-term trend chart]
A short-term downtrend had started on February 16, 2023 at 89.23 and reached 73.21 on March 15, 2023. BBY lost 16.02 points, or 17.95%, in 27 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 71.87 and resistance is at 80.28. 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 BBY daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold 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 link to access Lane's Stochastic help.
The daily MACD line is below its signal line since February 8, 2023. This is an indication that the short-term trend is down.
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