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.

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- 3/15/2024 -
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SPDR Bloomberg Barclays High Yield Bond ETF (JNK) Technical Analysis

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Summary:
Weekly :Williams' Percentage Range is overboughtMACD bearish divergenceBroken trend resistance lineBroken trend resistance line
Daily :Daily  MACD line has moved below its signal lineA Parabolic SAR indicator is above and near the pricePrice has crossed below the 50 Day Moving AverageThe price touches the lower Bollinger BandThe Bollinger Bands are historically close together
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It was the negative week for the SPDR Bloomberg Barclays High Yield Bond ETF (JNK). During the week, the JNK gave back -0.34 points, or -0.36%, and closed at 94.36 on Friday, March 15, 2024. Weekly volume was -34% below average.

Long-term trend: [See JNK long-term trend chart]
A long-term downtrend had started on December 27, 2021 at 108.93 and reached 86.28 on October 13, 2022. JNK lost 22.65 points, or 20.79%, in 41 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (86.95) 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 JNK medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 86.28 and reached 95.59 on December 27, 2023. JNK gained -9.31 points, or -10.79%, in 62 weeks. The chart has formed a Falling Wedge chart pattern. The uptrend resistance line (86.95) 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 medium-term trend.

Weekly Technical Indicators: [See JNK weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. 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 link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since November 10, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.

Short-term trend: [See JNK short-term trend chart]
A short-term downtrend had started on December 27, 2023 at 95.59 and reached 93.60 on January 5, 2024. JNK lost 1.99 points, or 2.08%, in 9 days. The chart has formed a Descending Triangle chart pattern. The trend support level is at 93.60 and resistance is at 95.14. A Descending Triangle is a variation of triangle formation that has a flat support line and falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. A Descending Triangle usually represents a distribution stage in bearish market. A Descending Triangle is considered to be a continuation pattern, especially in a down trend, but it may also mark a reversal in an uptrend. Use the following link to access a Descending Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Descending Triangle pattern in a short-term trend.

Daily Technical Indicators: [See JNK 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.

A Parabolic SAR (stop and reversal) indicator (93.97) comes close to the price (94.36). 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 price touches the lower Bollinger Band. The distance between the Bollinger Bands (0.76%) is close to one year low (0.97%). It is 70.78% 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.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish 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) 48.37
Williams' Percentage Range (W%R) 70.80
Lane's Stochastic (%D-Slow) 48.48
Greed/Fear Indicator (GFI) 42.02
Moving Average Converg./Diverg. (MACD) 0.04
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 59.26
Williams' Percentage Range (W%R) 16.70
Overbought
Lane's Stochastic (%D-Slow) 51.16
Greed/Fear Indicator (GFI) 61.70
Moving Average Converg./Diverg. (MACD) 0.82 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 95.14
Upper Bollinger Band 94.88
Daily Stochastic Crossing 94.59
50 Day Moving Average 94.52
20 Day Moving Average 94.51
Weekly Stochastic Crossing 94.48
Price 94.36
Lower Bollinger Band 94.17
Parabolic System 93.97
Weekly Trendline Support 93.60
Quarterly Trendline Resistance 89.94
Yearly Trendline Resistance 89.94
Quarterly Trendline Support 86.95
Yearly Trendline Support 86.95
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 93.60
Low Date 02/13/2024
High 95.09
High Date 03/08/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Valid
Resistance 95.14
Support 93.60
High 95.59
High Date 12/27/2023
Low 93.60
Low Date 01/05/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 87.80
Low Date 10/23/2023
High 95.59
High Date 12/27/2023
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 89.94
Support 86.95
Low 86.28
Low Date 10/13/2022
High 95.59
High Date 12/27/2023
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 89.94
Support 86.95
High 108.93
High Date 12/27/2021
Low 86.28
Low Date 10/13/2022
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.