The Greedy Trader Weekly Analysis
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Weekly Pattern:Symmetric Triangle
Number of records: 8
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Symmetric Triangle Chart Pattern Analysis - Symmetric Triangle Pattern.

A symmetric triangle pattern represents the area of indecision where the movement direction is questioned. Chart Pattern Analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of a larger trend, but it may also mark the trend reversal. Volume diminishes during the formation and explodes at the breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Tips:
# 1 As a continuation pattern, the symmetric triangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. The symmetric triangle resets short-term indicators to neutral and then continues movement in parent's direction.
# 2 As a reversal formation, the symmetric triangle chart pattern appears in a mature trend characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators. For the best results, the symmetric triangle pattern should be considered together with other chart pattern analysis, technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance line.

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- 3/15/2024 -
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Celanese (CE) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is strongly overboughtRelative Strength Index, Lane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtLane's Stochastic bearish divergence
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It was a third consecutive positive week for the Celanese (CE). During the week, the CE gained 4.56 points, or 2.93%, and closed at 160.05 on Friday, March 15, 2024. It was the best weekly gain since December 15, 2023. Weekly volume was -41% below average.

CE is a member of Materials Sector. Materials 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 CE long-term trend chart]
A long-term downtrend had started on January 5, 2022 at 176.50 and reached 86.71 on September 26, 2022. CE lost 89.79 points, or 50.87%, in 37 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (117.69) 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. CE 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 CE medium-term trend chart]
A medium-term uptrend had started on February 21, 2024 at 137.64 and reached 160.48 on March 15, 2024. CE gained -22.84 points, or -16.59%, in 3 weeks. Price is near the trend high.

Weekly Technical Indicators: [See CE 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. Weekly Relative Strength Index, Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Relative Strength Index, Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index, Lane's Stochastic and MACD bearish 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See CE short-term trend chart]
A short-term uptrend had started on March 6, 2024 at 150.50 and reached 160.48 on March 15, 2024. CE gained -9.98 points, or -6.63%, in 9 days. Price is near the trend high.

Daily Technical Indicators: [See CE 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. Daily Lane's Stochastic has bearish 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 bearish divergence.

The daily MACD line is above its signal line since February 28, 2024. This is an indication that the short-term trend is up.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.14
Williams' Percentage Range (W%R) 17.50
Overbought
Lane's Stochastic (%D-Slow) 86.55
Overbought Bearish
Greed/Fear Indicator (GFI) 80.41
Overbought
Moving Average Converg./Diverg. (MACD) 2.00
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.91
Bearish
Williams' Percentage Range (W%R) 8.00
Strong Overbought
Lane's Stochastic (%D-Slow) 68.25
Bearish
Greed/Fear Indicator (GFI) 71.67
Moving Average Converg./Diverg. (MACD) 7.74 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 160.78
Price 160.05
Daily Stochastic Crossing 159.07
Parabolic System 154.93
Weekly Stochastic Crossing 154.26
20 Day Moving Average 153.20
50 Day Moving Average 149.69
Lower Bollinger Band 147.00
Sector and Industry
Description Name Rank
Sector Materials 10
Industry Specialty Chemicals 42
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 150.50
Low Date 03/06/2024
High 160.48
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 137.64
Low Date 02/21/2024
High 160.48
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 97.12
Low Date 03/24/2023
High 160.48
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 86.71
Low Date 09/26/2022
High 160.48
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 78.42
Support 117.69
High 176.50
High Date 01/05/2022
Low 86.71
Low Date 09/26/2022
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.