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Archive
- 11/8/2024 -
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iPath Dow Jones-AIG Commodity Idx TR ETN (DJP) Technical Analysis
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| Summary:
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| | It was a first positive week for the iPath Dow Jones-AIG Commodity Idx TR ETN (DJP). During the week, the DJP climbed 0.12 points, or 0.38%, and closed at 31.62 on Friday, November 8, 2024. Weekly volume was -73% below average.
 Long-term trend: [See DJP long-term trend chart]
A long-term downtrend had started on June 8, 2022 at 41.71 and reached 29.15 on May 31, 2023. DJP lost 12.56 points, or 30.11%, in 51 weeks. The chart has formed a Descending Triangle chart pattern. The trend support level is at 29.45 and resistance is at 32.63. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a long-term trend.
 Medium-term trend: [See DJP medium-term trend chart]
A medium-term downtrend had started on October 3, 2024 at 33.12 and reached 31.22 on November 6, 2024. DJP lost 1.90 points, or 5.74%, in 4 weeks. The chart has formed a Falling Wedge chart pattern. The trend support level is at 31.18 and resistance is at 31.92. 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 medium-term trend.
 Weekly Technical Indicators: [See DJP weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since September 27, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See DJP short-term trend chart]
A short-term uptrend had started on November 6, 2024 at 31.22 and reached 32.13 on November 7, 2024. DJP gained -0.91 points, or -2.91%, in 1 days. The price is now at the 56.04% retracement level.
Daily Technical Indicators: [See DJP daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since October 8, 2024. The distance between MACD and the signal line is low and getting smaller.
A Parabolic SAR (stop and reversal) indicator (31.78) comes close to the price (31.62). 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.
Price is close to the 50 Day Moving Average. 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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