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Downtrend Broken Resist.Archive
- 12/20/2024 -
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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 the negative week for the iPath Dow Jones-AIG Commodity Idx TR ETN (DJP). During the week, the DJP dropped -0.35 points, or -1.10%, and closed at 31.55 on Friday, December 20, 2024. Weekly volume was -43% 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 29.47 and resistance is at 32.20. 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 30.73 on November 18, 2024. DJP lost 2.39 points, or 7.22%, in 6 weeks. The price is now at the 34.31% retracement level.
 Weekly Technical Indicators: [See DJP weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved below its signal line. Such crossover is considered a bearish signal. 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 18, 2024 at 30.73 and reached 32.38 on December 11, 2024. DJP gained -1.65 points, or -5.37%, in 23 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (32.04) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. DJP may retest the broken support line. It is considered to be a resistance 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 support in a short-term trend.
 Daily Technical Indicators: [See DJP daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. 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 Williams' Percentage Range help.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
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 price has declined below the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price 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.
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