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Archive
- 11/8/2024 -
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Invesco Senior Loan ETF (BKLN) Technical Analysis
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| Summary:
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| | It was a first positive week for the Invesco Senior Loan ETF (BKLN). During the week, the BKLN climbed 0.14 points, or 0.67%, and closed at 21.15 on Friday, November 8, 2024. Weekly volume was 52% above average.
 Long-term trend: [See BKLN long-term trend chart]
A long-term downtrend had started on September 15, 2023 at 21.27 and reached 20.61 on August 5, 2024. BKLN lost 0.66 points, or 3.10%, in 46 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 20.56 and resistance is at 21.22. 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 Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.
 Medium-term trend: [See BKLN medium-term trend chart]
A medium-term uptrend had started on August 5, 2024 at 20.61 and reached 21.18 on October 18, 2024. BKLN gained -0.57 points, or -2.77%, in 10 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (21.21) 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 BKLN weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. 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 Williams' Percentage Range help.
The weekly MACD line is above its signal line since October 4, 2024. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
 Short-term trend: [See BKLN short-term trend chart]
A short-term downtrend had started on October 18, 2024 at 21.18 and reached 20.99 on October 23, 2024. BKLN lost 0.19 points, or 0.90%, in 5 days. The price is now at the 84.21% retracement level.
 Daily Technical Indicators: [See BKLN daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. Use the following link to access Lane's Stochastic help.
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 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.
The price touches the upper Bollinger Band. 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 price 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.
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