The Greedy Trader Weekly Analysis
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Weekly Pattern:Falling Channel
Number of records: 5
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Channeling Stock - rising channel and falling channel.

Stock channeling technique is one of the most efficient and widely used trading technique. Price channel represents price movement bound by parallel lower (support) and upper (resistance) trend lines. Channels with rising trend lines (rising channel) are considered bullish and the falling channel is considered as bearish . Channels are continuation formations as far as support and resistance are not broken.
Trading technique:
# 1
Buy channeling stock on support and sell on resistance.
# 2 For bullish channel: sell channeling stock when price breakes the stock channeling support line. For bearish channel: buy channeling stock when price breaks the resistance line.
Tips:
# 1 For the best results, stock channeling 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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- 5/17/2024 -
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BlackRock (BLK) Technical Analysis

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Summary:
Weekly :Overbought sectorStochastic signal line moved above oversold areaBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal line
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It was a fourth positive week after 3 consecutive negative weeks for the BlackRock (BLK). During the week, the BLK gained 15.55 points, or 1.95%, and closed at 812.22 on Friday, May 17, 2024. Weekly volume was -21% below average.

BLK 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 BLK long-term trend chart]
A long-term downtrend had started on November 12, 2021 at 973.03 and reached 503.12 on October 13, 2022. BLK lost 469.91 points, or 48.29%, in 47 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (645.74) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. BLK may retest the broken resistance line. It is considered to be a support 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 resistance line in a long-term trend.

Medium-term trend: [See BLK medium-term trend chart]
A medium-term downtrend had started on March 8, 2024 at 845.00 and reached 745.55 on April 19, 2024. BLK lost 99.45 points, or 11.77%, in 6 weeks. The price is now at the 67.04% retracement level.

Weekly Technical Indicators: [See BLK weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 weekly MACD line is below its signal line since April 5, 2024. This is an indication that the medium-term trend is down. Use the following link to access a MACD help.

Short-term trend: [See BLK short-term trend chart]
A short-term uptrend had started on April 19, 2024 at 745.55 and reached 818.18 on May 15, 2024. BLK gained -72.63 points, or -9.74%, in 26 days. The price is now at the 8.21% retracement level.

Daily Technical Indicators: [See BLK daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Use the following link to access Williams' Percentage Range help.

The daily MACD line is above its signal line since April 26, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 74.45
Williams' Percentage Range (W%R) 11.00
Overbought
Lane's Stochastic (%D-Slow) 88.36
Overbought
Greed/Fear Indicator (GFI) 83.92
Overbought
Moving Average Converg./Diverg. (MACD) 0.66
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 52.93
Williams' Percentage Range (W%R) 34.80
Lane's Stochastic (%D-Slow) 26.40
Greed/Fear Indicator (GFI) 47.17
Moving Average Converg./Diverg. (MACD) 21.01
Trading Signals
Description Value Chart
Upper Bollinger Band 827.62
Daily Stochastic Crossing 813.91
Price 812.22
Parabolic System 795.81
50 Day Moving Average 792.39
20 Day Moving Average 777.35
Weekly Stochastic Crossing 776.55
Lower Bollinger Band 746.52
Sector and Industry
Description Name Rank
Sector Financials 11
Industry Asset Management & Custody Banks 62
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 745.55
Low Date 04/19/2024
High 818.18
High Date 05/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 845.00
High Date 03/08/2024
Low 745.55
Low Date 04/19/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 596.18
Low Date 10/27/2023
High 845.00
High Date 03/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 503.12
Low Date 10/13/2022
High 845.00
High Date 03/08/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 502.41
Support 645.74
High 973.03
High Date 11/12/2021
Low 503.12
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.