The Greedy Trader Weekly Analysis
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- 2/16/2024 -
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Franklin Resources (BEN) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend resistance line
Daily :Daily  MACD line has moved above its signal lineThe price moved above the moving average in the center of the Bollinger Bands
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It was a second positive week after 5 consecutive negative weeks for the Franklin Resources (BEN). During the week, the BEN climbed 0.17 points, or 0.63%, and closed at 27.27 on Friday, February 16, 2024. Weekly volume was 21% above average.

BEN 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 BEN long-term trend chart]
A long-term downtrend had started on February 2, 2023 at 34.37 and reached 21.88 on October 31, 2023. BEN lost 12.49 points, or 36.34%, in 38 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (20.50) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See BEN medium-term trend chart]
A medium-term uptrend had started on October 31, 2023 at 21.88 and reached 30.32 on December 27, 2023. BEN gained -8.44 points, or -38.57%, in 8 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 26.57 and resistance is at 28.81. 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 medium-term trend.

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

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See BEN short-term trend chart]
A short-term downtrend had started on February 12, 2024 at 28.51 and reached 26.07 on February 13, 2024. BEN lost 2.44 points, or 8.56%, in 1 days. The price is now at the 49.18% retracement level.

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

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

During the last week, the price has moved above 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 48.22
Williams' Percentage Range (W%R) 59.00
Lane's Stochastic (%D-Slow) 44.73
Greed/Fear Indicator (GFI) 44.65
Moving Average Converg./Diverg. (MACD) -0.23
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 69.54
Williams' Percentage Range (W%R) 38.50
Lane's Stochastic (%D-Slow) 49.24
Greed/Fear Indicator (GFI) 55.65
Moving Average Converg./Diverg. (MACD) 0.30
Trading Signals
Description Value Chart
Monthly Trendline Resistance 28.81
Parabolic System 28.39
Upper Bollinger Band 28.26
Weekly Stochastic Crossing 27.97
50 Day Moving Average 27.90
Price 27.27
20 Day Moving Average 27.11
Daily Stochastic Crossing 26.93
Monthly Trendline Support 26.57
Lower Bollinger Band 26.21
Quarterly Trendline Resistance 25.20
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Asset Management & Custody Banks 60
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 28.51
High Date 02/12/2024
Low 26.07
Low Date 02/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 30.32
High Date 12/27/2023
Low 26.07
Low Date 02/13/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 28.81
Support 26.57
Low 21.88
Low Date 10/31/2023
High 30.32
High Date 12/27/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 25.20
Support 20.50
High 34.37
High Date 02/02/2023
Low 21.88
Low Date 10/31/2023
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 38.27
High Date 11/02/2021
Low 20.24
Low Date 10/13/2022
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.