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

iShares Russell 2000 Index (IWM)

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Summary:
Weekly :Broken trend support line
Daily :The price has fallen below the Parabolic SARBroken trend resistance lineThe Bollinger Bands are historically close togetherPrice is close to the 50 Day Moving Average
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It was the negative week for the iShares Russell 2000 Index (IWM). During the week, the IWM gave back -0.02 points, or -0.01%, and closed at 176.09 on Friday, May 26, 2023. Weekly volume was 20% above average.

Long-term trend: [See IWM long-term trend chart]
A long-term uptrend had started on March 9, 2009 at 34.26 and reached 244.46 on November 8, 2021. IWM gained -210.20 points, or -613.54%, in 661 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 156.34 and resistance is at 226.38. 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 long-term trend.

Medium-term trend: [See IWM medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 162.50 and reached 199.26 on February 2, 2023. IWM gained -36.76 points, or -22.62%, in 16 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (187.96) is broken. A broken support is considered to be a long-term bearish 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 support 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 March 10, 2023. The distance between MACD and the signal line is low and getting smaller. 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 February 2, 2023 at 199.26 and reached 167.46 on March 24, 2023. IWM lost 31.80 points, or 15.96%, in 50 days. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (169.53) 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 short-term trend.

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

The daily MACD line is above its signal line since May 8, 2023. The distance between MACD and the signal line is low and getting smaller.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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.

The distance between the Bollinger Bands (4.54%) is close to one year low (4.25%). It is 56.75% 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.

Price is close to the 50 Day Moving Average. 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) 54.66
Williams' Percentage Range (W%R) 53.00
Lane's Stochastic (%D-Slow) 53.89
Greed/Fear Indicator (GFI) 51.84
Moving Average Converg./Diverg. (MACD) -0.12
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.06
Williams' Percentage Range (W%R) 78.50
Lane's Stochastic (%D-Slow) 42.60
Greed/Fear Indicator (GFI) 36.20
Moving Average Converg./Diverg. (MACD) -1.77
Trading Signals
Description Value Chart
Monthly Trendline Support 187.96
Parabolic System 180.55
Upper Bollinger Band 179.28
Price 176.09
Daily Stochastic Crossing 175.92
50 Day Moving Average 174.93
20 Day Moving Average 174.50
Weekly Stochastic Crossing 174.25
Lower Bollinger Band 171.27
Weekly Trendline Support 169.53
Weekly Trendline Resistance 161.73
Yearly Trendline Support 156.34
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Low 168.78
Low Date 05/04/2023
High 180.53
High Date 05/23/2023
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 161.73
Support 169.53
High 199.26
High Date 02/02/2023
Low 167.46
Low Date 03/24/2023
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 212.11
Support 187.96
Low 162.50
Low Date 10/13/2022
High 199.26
High Date 02/02/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 244.46
High Date 11/08/2021
Low 162.50
Low Date 10/13/2022
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 226.38
Support 156.34
Low 34.26
Low Date 03/09/2009
High 244.46
High Date 11/08/2021
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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