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.

Downtrend Broken Resist.

Archive
- 5/31/2024 -
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iShares Russell 2000 Index (IWM) Technical Analysis

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Summary:
Weekly :
Daily :A Parabolic SAR indicator is below and near the priceThe Bollinger Bands are historically close together
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It was a first positive week for the iShares Russell 2000 Index (IWM). During the week, the IWM climbed 0.33 points, or 0.16%, and closed at 205.77 on Friday, May 31, 2024. Weekly volume was -34% below average.

Long-term trend: [See IWM long-term trend chart]
A long-term uptrend had started on October 27, 2023 at 161.67 and reached 211.88 on March 28, 2024. IWM gained -50.21 points, or -31.06%, in 21 weeks. The price is now at the 12.17% retracement level.

Medium-term trend: [See IWM medium-term trend chart]
A medium-term uptrend had started on April 19, 2024 at 191.34 and reached 209.77 on May 15, 2024. IWM gained -18.43 points, or -9.63%, in 3 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 202.65 and resistance is at 217.75. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See IWM weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since April 12, 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 IWM short-term trend chart]
A short-term downtrend had started on May 15, 2024 at 209.77 and reached 201.78 on May 29, 2024. IWM lost 7.99 points, or 3.81%, in 14 days. The price is now at the 49.94% retracement level.

Daily Technical Indicators: [See IWM daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since May 23, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.

A Parabolic SAR (stop and reversal) indicator (207.37) comes close to the price (205.77). 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.

The distance between the Bollinger Bands (4.04%) is close to one year low (3.82%). It is 50.95% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. 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) 53.35
Williams' Percentage Range (W%R) 55.70
Lane's Stochastic (%D-Slow) 33.07
Greed/Fear Indicator (GFI) 43.57
Moving Average Converg./Diverg. (MACD) 1.24
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 49.89
Williams' Percentage Range (W%R) 28.50
Lane's Stochastic (%D-Slow) 62.03
Greed/Fear Indicator (GFI) 61.27
Moving Average Converg./Diverg. (MACD) 4.51
Trading Signals
Description Value Chart
Monthly Trendline Resistance 217.75
Upper Bollinger Band 208.67
Parabolic System 207.37
Price 205.77
20 Day Moving Average 205.58
Weekly Stochastic Crossing 204.11
Daily Stochastic Crossing 203.92
50 Day Moving Average 202.89
Monthly Trendline Support 202.65
Lower Bollinger Band 200.34
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 201.78
Low Date 05/29/2024
High 206.28
High Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 209.77
High Date 05/15/2024
Low 201.78
Low Date 05/29/2024
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 217.75
Support 202.65
Low 191.34
Low Date 04/19/2024
High 209.77
High Date 05/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 161.67
Low Date 10/27/2023
High 211.88
High Date 03/28/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 244.46
High Date 11/08/2021
Low 161.67
Low Date 10/27/2023
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.