The Greedy Trader Weekly Analysis
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Uptrend Broken Support

Uptrend Broken Support 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. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend 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 support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

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- 2/16/2024 -
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Avago Technologies (AVGO) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken trend support lineLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtStochastic has declined below the signal lineRelative Strength Index and Lane's Stochastic bearish divergenceBroken trend resistance line
Daily :Daily  MACD line has moved below its signal line
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It was the negative week for the Avago Technologies (AVGO). During the week, the AVGO dropped -37.96 points, or -2.96%, and closed at 1245.48 on Friday, February 16, 2024. AVGO was trading at average weekly trading volume.

AVGO is a member of Information Technology Sector. Information Technology is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See AVGO long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 415.07 and reached 1295.97 on February 8, 2024. AVGO gained -880.90 points, or -212.23%, in 69 weeks. The chart has formed a Ascending Triangle chart pattern. The uptrend resistance line (947.49) 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 long-term trend.

Medium-term trend: [See AVGO medium-term trend chart]
A medium-term uptrend had started on January 5, 2024 at 1041.52 and reached 1295.97 on February 8, 2024. AVGO gained -254.45 points, or -24.43%, in 4 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (1268.04) 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 AVGO weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Weekly Relative Strength Index and Lane's Stochastic have bearish divergence. Use the following links to access the Relative Strength Index and Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Relative Strength Index and Lane's Stochastic 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, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 8, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See AVGO short-term trend chart]
A short-term downtrend had started on February 8, 2024 at 1295.97 and reached 1227.09 on February 13, 2024. AVGO lost 68.88 points, or 5.31%, in 5 days. The price is now at the 26.70% retracement level.

Daily Technical Indicators: [See AVGO 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 55.61
Williams' Percentage Range (W%R) 30.40
Lane's Stochastic (%D-Slow) 60.52
Greed/Fear Indicator (GFI) 61.93
Moving Average Converg./Diverg. (MACD) 39.66
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 72.67
Bearish
Williams' Percentage Range (W%R) 7.50
Strong Overbought
Lane's Stochastic (%D-Slow) 87.56
Overbought Bearish
Greed/Fear Indicator (GFI) 80.65
Overbought
Moving Average Converg./Diverg. (MACD) 87.89
Trading Signals
Description Value Chart
Monthly Trendline Resistance 1302.20
Upper Bollinger Band 1277.51
Monthly Trendline Support 1268.04
Daily Stochastic Crossing 1266.19
Weekly Stochastic Crossing 1263.61
Price 1245.48
20 Day Moving Average 1236.81
Parabolic System 1197.82
Lower Bollinger Band 1169.98
50 Day Moving Average 1146.77
Sector and Industry
Description Name Rank
Sector Information Technology 10
Industry Semiconductors 62
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 1295.97
High Date 02/08/2024
Low 1227.09
Low Date 02/13/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 1174.31
Low Date 01/31/2024
High 1295.97
High Date 02/08/2024
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 1302.20
Support 1268.04
Low 1041.52
Low Date 01/05/2024
High 1295.97
High Date 02/08/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 818.34
Low Date 10/26/2023
High 1295.97
High Date 02/08/2024
Description Value
Direction Up
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 932.33
Support 947.49
Low 415.07
Low Date 10/13/2022
High 1295.97
High Date 02/08/2024
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.