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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 - 4/19/2024 - Sign In to see current Signals. |
Nordstrom (JWN) Technical Analysis
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| Summary:
| | Weekly : | | Daily : Move cursor over the icon to see details.
| | It was the negative week for the Nordstrom (JWN). During the week, the JWN gave back -0.14 points, or -0.73%, and closed at 18.92 on Friday, April 19, 2024. Weekly volume was -13% below average. Long-term trend: [See JWN long-term trend chart] A long-term uptrend had started on November 13, 2023 at 12.88 and reached 21.91 on February 29, 2024. JWN gained -9.03 points, or -70.11%, in 15 weeks. The price is now at the 33.11% retracement level. Medium-term trend: [See JWN medium-term trend chart] A medium-term downtrend had started on February 29, 2024 at 21.91 and reached 16.79 on March 18, 2024. JWN lost 5.12 points, or 23.37%, in 2 weeks. The price is now at the 41.60% retracement level. Weekly Technical Indicators: [See JWN 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 JWN short-term trend chart] A short-term downtrend had started on April 1, 2024 at 20.37 and reached 17.20 on April 16, 2024. JWN lost 3.17 points, or 15.56%, in 15 days. The chart has formed a Falling Channel chart pattern. Daily Technical Indicators: [See JWN daily technical indicators chart] Daily technical indicators are neutral. 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 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. During the last week, the price has moved above 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.
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