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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.

Downtrend Broken Resist.

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- 5/17/2024 -
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iShares MSCI Germany Index (EWG) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtStochastic has declined below the signal lineA Parabolic SAR indicator is above and near the price20 Day Moving Average has crossed above the 50 Day Moving Average
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It was a second consecutive positive week for the iShares MSCI Germany Index (EWG). During the week, the EWG climbed 0.24 points, or 0.75%, and closed at 32.42 on Friday, May 17, 2024. Weekly volume was -39% below average.

Long-term trend: [See EWG long-term trend chart]
A long-term downtrend had started on June 7, 2021 at 36.49 and reached 19.35 on September 27, 2022. EWG lost 17.14 points, or 46.97%, in 68 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (27.42) 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. EWG 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 long-term trend.

Medium-term trend: [See EWG medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 24.70 and reached 32.75 on May 15, 2024. EWG gained -8.05 points, or -32.59%, in 28 weeks. Price is near the trend high.

Weekly Technical Indicators: [See EWG 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. Weekly 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 weekly Lane's Stochastic and 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 May 3, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. Use the following link to access a MACD help.

Short-term trend: [See EWG short-term trend chart]
A short-term uptrend had started on May 1, 2024 at 30.30 and reached 32.75 on May 15, 2024. EWG gained -2.45 points, or -8.09%, in 14 days. The price is now at the 13.47% retracement level.

Daily Technical Indicators: [See EWG 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. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal.

The daily MACD line is above its signal line since May 1, 2024. This is an indication that the short-term trend is up.

A Parabolic SAR (stop and reversal) indicator (32.12) comes close to the price (32.42). It indicates that the trend is getting weaker. 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 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.05
Williams' Percentage Range (W%R) 15.90
Overbought
Lane's Stochastic (%D-Slow) 88.30
Overbought
Greed/Fear Indicator (GFI) 81.13
Overbought
Moving Average Converg./Diverg. (MACD) 0.30
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 73.68
Williams' Percentage Range (W%R) 9.20
Strong Overbought
Lane's Stochastic (%D-Slow) 60.70
Bearish
Greed/Fear Indicator (GFI) 70.28
Moving Average Converg./Diverg. (MACD) 0.82 Bearish
Trading Signals
Description Value Chart
Upper Bollinger Band 33.14
Daily Stochastic Crossing 32.59
Price 32.42
Parabolic System 32.12
Weekly Stochastic Crossing 31.79
20 Day Moving Average 31.40
50 Day Moving Average 31.22
Lower Bollinger Band 30.10
Yearly Trendline Support 27.42
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 30.30
Low Date 05/01/2024
High 32.75
High Date 05/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 29.91
Low Date 04/16/2024
High 32.75
High Date 05/15/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 24.70
Low Date 10/27/2023
High 32.75
High Date 05/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 19.35
Low Date 09/27/2022
High 32.75
High Date 05/15/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 25.73
Support 27.42
High 36.49
High Date 06/07/2021
Low 19.35
Low Date 09/27/2022
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.