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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis |
A rectangle chart pattern is characterized
as a short-term horizontal channel, and it represents a trading range and
indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark
significant top and bottom. The rectangle pattern within a younger parent trend has more
chances to mark a continuation. To estimate the maturity of the parent trend,
consult technical indicators. Volume should increase during breakout, but in
contrast with other continuation patterns, the rectangle does not inherit standard
volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and
vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young
trend characterized by neutral long-term indicators and overbought/oversold
daily indicators. The pattern resets short-term indicators to neutral and then
continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend
characterized by overbought/oversold indicators on long and short time frames.
This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
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Advanced TA SearchArchive - 4/26/2024 - Sign In to see current Signals. |
ConAgra Foods, Inc. (CAG) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was a second consecutive positive week for the ConAgra Foods, Inc. (CAG). During the week, the CAG gained 0.46 points, or 1.50%, and closed at 31.08 on Friday, April 26, 2024. Weekly volume was 10% above average. Long-term trend: [See CAG long-term trend chart] A long-term downtrend had started on January 9, 2023 at 41.30 and reached 25.16 on October 6, 2023. CAG lost 16.14 points, or 39.08%, in 38 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (27.44) 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. CAG 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 CAG medium-term trend chart] A medium-term uptrend had started on February 14, 2024 at 26.62 and reached 31.82 on April 25, 2024. CAG gained -5.20 points, or -19.53%, in 10 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 29.94 and resistance is at 32.96. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend. Weekly Technical Indicators: [See CAG weekly technical indicators chart] Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 links to access Lane's Stochastic and Williams' Percentage Range help. The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help. Short-term trend: [See CAG short-term trend chart] A short-term downtrend had started on April 25, 2024 at 31.82 and reached 31.06 on April 26, 2024. CAG lost 0.76 points, or 2.39%, in 1 days. Price is near the trend low. Daily Technical Indicators: [See CAG 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 MACD line has moved above its signal line. Such crossover is considered a bullish signal. A Parabolic SAR (stop and reversal) indicator (30.77) comes close to the price (31.08). It indicates that the trend is getting weaker. 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.
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