The Greedy Trader Weekly Analysis
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Weekly Pattern:Descending Triangle
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Chart Analysis and Chart Pattern Recognition – Descending Triangle Pattern

The descending triangle is a variation of a symmetrical triangle formation that has a flat support line and a falling resistance line. The lower highs indicate the decreasing demand and give the descending triangle definitive bearish bias. The descending triangle usually represents a distribution stage in bearish market. The descending triangle is considered as a continuation pattern, especially in a downtrend, but it may also mark a reversal in an uptrend. Volume usually increases on trend support resistance breakout. After breakout (similar to rectangle), support may turn into potential resistance and vice versa.
Descending Triangle Screening page presents a list of stocks forming Descending Triangle Pattern.
Tips:
# 1 As a continuation pattern, descending triangle usually appears within a young trend, characterized by neutral long-term indicators and oversold short-term indicators. Descending triangle resets short-term indicators to neutral and then continues the movement in parent's direction.
# 2 As a reversal formation, descending triangle appears in a mature uptrend, characterized by overbought long-term and short-term indicators. This situation usually generates bearish divergence on long-term indicators.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: the main trend support/resistance level. line.

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- 3/15/2024 -
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AbbVie (ABBV) Technical Analysis

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Summary:
Weekly :Broken trend support lineRelative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overboughtLane's Stochastic bearish divergenceTrend support at 177.92
Daily :The price has fallen below the Parabolic SARPrice is near the trend low. The price is close to the moving average in the center of the Bollinger BandsThe Bollinger Bands are historically close together
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It was the negative week for the AbbVie (ABBV). During the week, the ABBV gave back -0.70 points, or -0.39%, and closed at 178.15 on Friday, March 15, 2024. It was the worst weekly loss since November 10, 2023. Weekly volume was 16% above average.

Long-term trend: [See ABBV long-term trend chart]
A long-term uptrend had started on November 9, 2023 at 135.85 and reached 182.89 on March 12, 2024. ABBV gained -47.04 points, or -34.63%, in 17 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (177.92) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.

Medium-term trend: [See ABBV medium-term trend chart]
A medium-term uptrend had started on February 1, 2024 at 162.67 and reached 182.89 on March 12, 2024. ABBV gained -20.22 points, or -12.43%, in 5 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (179.86) 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 ABBV weekly technical indicators chart]
Weekly Relative Strength Index, Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Relative Strength Index, Williams' Percentage Range and Lane's Stochastic. Weekly Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly 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 relatively 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 ABBV short-term trend chart]
A short-term uptrend had started on March 11, 2024 at 178.24 and reached 182.89 on March 12, 2024. ABBV gained -4.65 points, or -2.61%, in 1 days. Price is near the lowest trend level.

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

The daily MACD line is below its signal line since February 20, 2024. The distance between MACD and the signal line is low, but getting bigger.

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 price is close to the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (3.88%) is close to one year low (3.62%). It is 55.58% 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) 48.47
Williams' Percentage Range (W%R) 31.30
Lane's Stochastic (%D-Slow) 55.49
Greed/Fear Indicator (GFI) 57.56
Moving Average Converg./Diverg. (MACD) 2.95
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 96.37
Strong Overbought
Williams' Percentage Range (W%R) 6.50
Strong Overbought
Lane's Stochastic (%D-Slow) 91.60
Strong Overbought Bearish
Greed/Fear Indicator (GFI) 83.62
Overbought
Moving Average Converg./Diverg. (MACD) 5.81
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 185.56
Monthly Trendline Resistance 184.18
Parabolic System 182.85
Upper Bollinger Band 181.15
Weekly Stochastic Crossing 181.07
Daily Stochastic Crossing 180.44
Monthly Trendline Support 179.86
20 Day Moving Average 178.52
Price 178.15
Quarterly Trendline Support 177.92
Lower Bollinger Band 174.24
50 Day Moving Average 171.65
Sector and Industry
Description Name Rank
Sector Health Care 6
Industry Pharmaceuticals 47
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 178.24
Low Date 03/11/2024
High 182.89
High Date 03/12/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 178.24
Low Date 03/11/2024
High 182.89
High Date 03/12/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Support
Resistance 184.18
Support 179.86
Low 162.67
Low Date 02/01/2024
High 182.89
High Date 03/12/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 185.56
Support 177.92
Low 135.85
Low Date 11/09/2023
High 182.89
High Date 03/12/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 130.96
Low Date 06/28/2023
High 182.89
High Date 03/12/2024
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.