Invesco Senior Loan ETF (BKLN)
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|It was the negative week for the Invesco Senior Loan ETF (BKLN). During the week, the BKLN dropped -0.21 points, or -1.01%, and closed at 20.61 on Friday, May 26, 2023. It was the worst weekly loss since March 17, 2023. Weekly volume was -26% below average. |
Long-term trend: [See BKLN long-term trend chart]
A long-term downtrend had started on January 14, 2022 at 22.20 and reached 20.06 on September 30, 2022. BKLN lost 2.14 points, or 9.64%, in 37 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 19.88 and resistance is at 21.00. A Falling Wedge is a triangle formation with a noticeable slant to the downside. It represents the loss of a downside momentum on each successive low and has a bullish bias. The Falling wedge usually marks a reversal in a downtrend. In an uptrend a falling wedge is considered to be a continuation pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a long-term trend.
Medium-term trend: [See BKLN medium-term trend chart]
A medium-term downtrend had started on January 18, 2023 at 21.22 and reached 20.33 on March 20, 2023. BKLN lost 0.89 points, or 4.19%, in 8 weeks. The price is now at the 31.46% retracement level.
Weekly Technical Indicators: [See BKLN weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since May 12, 2023. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. 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 April 18, 2023 at 21.05 and reached 20.55 on May 25, 2023. BKLN lost 0.50 points, or 2.38%, in 37 days. The chart has formed a Falling Wedge chart pattern. Use the following link to access a Falling Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Falling Wedge pattern in a short-term trend.
Daily Technical Indicators: [See BKLN daily technical indicators chart]
Daily Williams' Percentage Range is oversold while Lane's Stochastic is strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Williams' Percentage Range or strongly oversold daily Lane's Stochastic. Daily Lane's Stochastic has bullish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic bullish 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 and Williams' Percentage Range help.
The daily MACD line is below its signal line since April 24, 2023. This is an indication that the short-term trend is down.
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 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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.