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- 5/26/2023 -
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Diamondbac (FANG)

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Summary:
Weekly :Broken trend support lineOversold sector
Daily :Daily  MACD line has moved above its signal linePrice is near the Fibonacci 38.2% retracement level
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It was a second consecutive positive week for the Diamondbac (FANG). During the week, the FANG climbed 0.77 points, or 0.59%, and closed at 130.99 on Friday, May 26, 2023. Weekly volume was -42% below average.

FANG is a member of Energy Sector. Energy is the most oversold 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 FANG long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 65.93 and reached 168.95 on November 15, 2022. FANG gained -103.02 points, or -156.26%, in 64 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (140.32) is broken. A broken support is considered to be a long-term bearish signal. 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 long-term trend.

Medium-term trend: [See FANG medium-term trend chart]
A medium-term downtrend had started on April 14, 2023 at 148.47 and reached 124.83 on May 16, 2023. FANG lost 23.64 points, or 15.92%, in 4 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 118.22 and resistance is at 133.94. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See FANG weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since December 9, 2022. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term downtrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See FANG short-term trend chart]
A short-term uptrend had started on May 16, 2023 at 124.83 and reached 135.10 on May 24, 2023. FANG gained -10.27 points, or -8.23%, in 8 days. Price is near the Fibonacci 38.2% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See FANG daily technical indicators chart]
Daily technical indicators are neutral.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 46.65
Williams' Percentage Range (W%R) 59.40
Lane's Stochastic (%D-Slow) 76.33
Greed/Fear Indicator (GFI) 54.51
Moving Average Converg./Diverg. (MACD) -2.02
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 47.78
Williams' Percentage Range (W%R) 61.70
Lane's Stochastic (%D-Slow) 45.14
Greed/Fear Indicator (GFI) 42.96
Moving Average Converg./Diverg. (MACD) -0.38
Trading Signals
Description Value Chart
Yearly Trendline Support 140.32
Upper Bollinger Band 139.59
50 Day Moving Average 134.99
Parabolic System 134.42
Weekly Stochastic Crossing 133.96
Monthly Trendline Resistance 133.94
Daily Stochastic Crossing 132.45
Price 130.99
20 Day Moving Average 130.92
Lower Bollinger Band 124.83
Monthly Trendline Support 118.22
Sector and Industry
Description Name Rank
Sector Energy 1
Industry Oil & Gas Exploration & Production 58
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 135.10
High Date 05/24/2023
Low 129.45
Low Date 05/25/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 124.83
Low Date 05/16/2023
High 135.10
High Date 05/24/2023
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 133.94
Support 118.22
High 148.47
High Date 04/14/2023
Low 124.83
Low Date 05/16/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 168.95
High Date 11/15/2022
Low 119.01
Low Date 03/16/2023
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 176.93
Support 140.32
Low 65.93
Low Date 08/19/2021
High 168.95
High Date 11/15/2022
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.

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