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Rectangle Chart Pattern - Rectangle Pattern and Chart analysis |
A rectangle chart pattern is characterized
as a short-term horizontal channel, and it represents a trading range and
indecision area that usually resolves in the direction of the main trend. Chart analysis usually considers the rectangle pattern as a continuation formation, but it can also mark
significant top and bottom. The rectangle pattern within a younger parent trend has more
chances to mark a continuation. To estimate the maturity of the parent trend,
consult technical indicators. Volume should increase during breakout, but in
contrast with other continuation patterns, the rectangle does not inherit standard
volume behavior. After breakout, the rectangle pattern resistance may turn into potential support and
vice versa.
Tips:
# 1 As a continuation pattern, the rectangle pattern usually appears within a young
trend characterized by neutral long-term indicators and overbought/oversold
daily indicators. The pattern resets short-term indicators to neutral and then
continues movement in the parent's direction.
# 2 As a reversal formation, the pattern appears in a mature trend
characterized by overbought/oversold indicators on long and short time frames.
This situation usually generates divergence on weekly indicators.
# 3 For the best results, the rectangle chart pattern should be considered together with other technical analysis signals, chart analysis, and technical trading techniques.
Estimated target: the higher level parent's support/resistance line.
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Advanced TA SearchArchive
- 5/17/2024 -
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Hartford Financial Svc.Gp. (HIG) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
Move cursor over the icon to see details.
| | It was a third consecutive positive week for the Hartford Financial Svc.Gp. (HIG). During the week, the HIG gained 1.28 points, or 1.26%, and closed at 103.17 on Friday, May 17, 2024. Weekly volume was -8% below average.
HIG is a member of Financials Sector. Financials 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 HIG long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 19.04 and reached 103.64 on April 8, 2024. HIG gained -84.60 points, or -444.33%, in 211 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (83.91) 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 HIG medium-term trend chart]
A medium-term uptrend had started on October 4, 2023 at 68.82 and reached 103.64 on April 8, 2024. HIG gained -34.82 points, or -50.60%, in 26 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend resistance line (102.91). 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 HIG 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. 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.
The weekly MACD line is below its signal line since April 26, 2024. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.
 Short-term trend: [See HIG short-term trend chart]
A short-term downtrend had started on April 8, 2024 at 103.64 and reached 94.47 on April 26, 2024. HIG lost 9.17 points, or 8.85%, in 18 days. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (92.22) 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. HIG 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 short-term trend.
 Daily Technical Indicators: [See HIG daily technical indicators chart]
Daily 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 daily Lane's Stochastic or strongly overbought daily Williams' Percentage Range. Daily Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with daily Relative Strength Index and Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.
The daily MACD line is above its signal line since May 6, 2024.
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