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Yearly Pattern:Rising Wedge
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Rising Wedge Pattern (Ascending Wedge)

Rising Wedge Chart PatternA Rising Wedge pattern also known as Ascending Wedge pattern is one of the most reliable, low-risk, and high-reward chart pattern. A Rising Wedge (Ascending Wedge) pattern is a triangle formation with noticeable slant to the upside. The line that connects the bottoms of the formation represents a support trend line. The resistance trend line connects the formation's tops. The Rising Wedge pattern is valid when the price touched both the support and resistance lines alternatively at least tree times. Unlike the Rising Channel formation, where support and resistance lines are parallel, in a Rising Wedge formation the support line is noticeably steeper than the resistance line. A Rising Wedge represents the loss of the upside momentum and has a bearish bias.

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- 3/15/2024 -
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Diamondbac (FANG) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtTrend resistance at 189.62
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtRelative Strength Index and MACD bearish divergenceDaily  MACD line has moved above its signal lineThe price has risen above the Parabolic SARThe price is above the upper Bollinger Band
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It was a first positive week for the Diamondbac (FANG). During the week, the FANG gained 6.65 points, or 3.63%, and closed at 189.94 on Friday, March 15, 2024. Weekly volume was -11% below average.

FANG is a member of Energy Sector. Energy 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 FANG long-term trend chart]
A long-term uptrend had started on August 19, 2021 at 65.93 and reached 191.38 on March 15, 2024. FANG gained -125.45 points, or -190.28%, in 134 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (154.42) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 FANG medium-term trend chart]
A medium-term uptrend had started on March 16, 2023 at 119.01 and reached 191.38 on March 15, 2024. FANG gained -72.37 points, or -60.81%, in 52 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (189.62). The resistance is usually stronger when technical indicators are overbought. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See FANG weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly 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 links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since February 9, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its 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 FANG short-term trend chart]
A short-term uptrend had started on March 4, 2024 at 178.21 and reached 191.38 on March 15, 2024. FANG gained -13.17 points, or -7.39%, in 11 days. The price is now at the 10.93% retracement level.

Daily Technical Indicators: [See FANG 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 Relative Strength Index and MACD have bearish divergence. Use the following links to access the Relative Strength Index and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Relative Strength Index help.

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

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward 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.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 75.27
Bearish
Williams' Percentage Range (W%R) 13.50
Overbought
Lane's Stochastic (%D-Slow) 88.99
Overbought
Greed/Fear Indicator (GFI) 83.59
Overbought
Moving Average Converg./Diverg. (MACD) 6.24 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 77.28
Williams' Percentage Range (W%R) 5.00
Strong Overbought
Lane's Stochastic (%D-Slow) 88.39
Overbought
Greed/Fear Indicator (GFI) 82.69
Overbought
Moving Average Converg./Diverg. (MACD) 4.62
Trading Signals
Description Value Chart
Daily Stochastic Crossing 190.14
Price 189.94
Quarterly Trendline Resistance 189.62
Upper Bollinger Band 187.93
Weekly Stochastic Crossing 187.13
20 Day Moving Average 181.75
Parabolic System 180.11
Yearly Trendline Resistance 174.66
Lower Bollinger Band 171.92
50 Day Moving Average 165.79
Quarterly Trendline Support 159.24
Yearly Trendline Support 154.42
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Exploration & Production 57
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 178.21
Low Date 03/04/2024
High 191.38
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 147.93
Low Date 02/05/2024
High 191.38
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 149.40
Support 150.14
Low 145.70
Low Date 12/06/2023
High 191.38
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Resistance
Resistance 189.62
Support 159.24
Low 119.01
Low Date 03/16/2023
High 191.38
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 174.66
Support 154.42
Low 65.93
Low Date 08/19/2021
High 191.38
High Date 03/15/2024
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.