The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance
Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

Downtrend Broken Resist.

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- 5/26/2023 -
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Nasdaq (^IXIC)

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Summary:
Weekly :Williams' Percentage Range and Lane's Stochastic are strongly overboughtMACD bearish divergenceBroken trend resistance line
Daily :Stochastic signal line moved below overbought areaLane's Stochastic and MACD bearish divergenceBroken trend resistance lineThe price is above the upper Bollinger Band
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It was a fifth consecutive positive week for the Nasdaq (^IXIC). During the week, the ^IXIC gained 317.79 points, or 2.51%, and closed at 12975.69 on Friday, May 26, 2023. Weekly volume was -25% below average.

Long-term trend: [See ^IXIC long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 16212.23 and reached 10088.83 on October 13, 2022. ^IXIC lost 6123.40 points, or 37.77%, in 46 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (9188.49) is broken. A broken support is considered to be a long-term bullish 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 resistance line in a long-term trend.

Medium-term trend: [See ^IXIC medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 10088.83 and reached 13001.91 on May 26, 2023. ^IXIC gained -2913.08 points, or -28.87%, in 32 weeks. Price is near the trend high.

Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range and Lane's Stochastic. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. 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 November 11, 2022. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See ^IXIC short-term trend chart]
A short-term uptrend had started on December 28, 2022 at 10207.47 and reached 13001.91 on May 26, 2023. ^IXIC gained -2794.44 points, or -27.38%, in 149 days. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (12156.50) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. 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 ^IXIC daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence.

The daily MACD line is above its signal line since May 8, 2023. This is an indication that the short-term trend is up.

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) 73.33
Williams' Percentage Range (W%R) 24.70
Lane's Stochastic (%D-Slow) 78.51
Bearish
Greed/Fear Indicator (GFI) 75.73
Moving Average Converg./Diverg. (MACD) 150.57 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 67.26
Williams' Percentage Range (W%R) 9.70
Strong Overbought
Lane's Stochastic (%D-Slow) 90.53
Strong Overbought
Greed/Fear Indicator (GFI) 80.87
Overbought
Moving Average Converg./Diverg. (MACD) 132.94 Bearish
Trading Signals
Description Value Chart
Price 12975.69
Upper Bollinger Band 12953.22
Weekly Stochastic Crossing 12915.06
Daily Stochastic Crossing 12833.04
Parabolic System 12403.43
20 Day Moving Average 12393.55
Weekly Trendline Resistance 12232.19
Weekly Trendline Support 12156.50
50 Day Moving Average 12147.22
Lower Bollinger Band 11930.09
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 10982.80
Low Date 03/13/2023
High 13001.91
High Date 05/26/2023
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 12232.19
Support 12156.50
Low 10207.47
Low Date 12/28/2022
High 13001.91
High Date 05/26/2023
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 10088.83
Low Date 10/13/2022
High 13001.91
High Date 05/26/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 9934.62
Support 9188.49
High 16212.23
High Date 11/22/2021
Low 10088.83
Low Date 10/13/2022
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 1265.52
Low Date 03/09/2009
High 16212.23
High Date 11/22/2021
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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